How We Built a ￡2.5 Billion Lending Business: And Why We Are Doing It Again With TAB

What Happens When You Scale a ￡2.5 Billion Lending Business? Start Again, Of Course!

What do you do when you’ve successfully scaled a lending business to ￡2.5 billion in loans and exited with your best mate? If you’re Duncan Kreeger and Stephen Wasserman, you start all over again.

In the latest episode of Financial Planner Life, Chris Ball steps back into the host's seat, interviewing more stars from the financial services world. This time, it’s two entrepreneurial powerhouses who transformed property finance with their company, West One Loans, before launching TAB, their latest venture.

These lifelong friends share their incredible journey, from humble beginnings—working out of a single desk in Duncan’s dad’s office—to scaling West One Loans to an astonishing ￡2.5 billion in lending. Now, with TAB, they’re applying everything they’ve learned, embracing cutting-edge technology like AI to revolutionise property finance once again.

A Partnership Forged in Friendship and Business

Duncan and Stephen’s story is as much about friendship as it is about business. The pair met on their first day at school and have been inseparable ever since. While many would caution against mixing friendship with business, their bond has been the secret sauce to their success.

"Belief is infectious. If you believe, people around you believe, and that’s how success happens." – Stephen Wasserman

Their journey began in 2007, just before the financial crisis of 2008. Despite the chaos in the market, they identified a gap in short-term property finance and started West One Loans from scratch. With no external capital to begin with, they relied on their ability to convince investors and borrowers alike of their vision.

The result? By 2014, they had scaled the business to a ￡100 million loan book. By the time they exited in 2017, West One Loans had facilitated over ￡2.5 billion in lending.

Lessons Learned from Scaling to Billions

Building a lending empire wasn’t without its challenges. The pair had to navigate bad loans, disagreements with business partners, and the complexities of working with private equity firms. They candidly discuss how those experiences shaped their leadership style and the lessons they’ve carried forward to TAB.

One critical takeaway was the importance of technology. While West One Loans thrived, Duncan and Stephen recognised that legacy systems were holding the financial services industry back. At TAB, they’ve leaned into AI and real-time data to streamline operations and make smarter decisions.

"The data doesn’t lie. It tells you what’s really happening in your business, and that’s how you stay ahead." – Duncan Kreeger

TAB: A New Chapter in Property Finance

TAB isn’t just a repeat of West One Loans; it’s a reimagination of what property finance can be. The company combines their deep industry expertise with cutting-edge technology to provide fast, flexible, and transparent solutions for borrowers and investors.

Since its founding in 2018, TAB has already facilitated ￡550 million in lending and raised ￡300 million from NatWest through private securitisation. The company is also embracing AI to enhance fraud protection, streamline underwriting, and predict future trends—innovations that are setting TAB apart in a competitive market.

What’s Next for TAB?

Duncan and Stephen are clear: the potential for growth is enormous. The UK’s commercial mortgage market alone is worth ￡50 billion annually, and TAB is just getting started. They’re also exploring new products like regulated bridging finance and buy-to-let mortgages while expanding their technological capabilities.

For Duncan and Stephen, the journey is far from over. They’re not just building another business—they’re shaping the future of property finance.

Key Takeaways for Financial Professionals and Entrepreneurs

1. Belief Is Key: Confidence in your vision is infectious and essential for rallying others to your cause.
2. Technology Is Non-Negotiable: Embracing AI and real-time data is critical for staying ahead in financial services.
3. Never Burn Bridges: Relationships built on trust and respect will always pay dividends.
4. Mixing Friendship and Business Can Work: If approached with mutual respect and clear boundaries, partnerships with friends can lead to incredible success.

?? Don’t miss this inspiring episode of Financial Planner Life. Whether you’re in financial services, an aspiring entrepreneur, or just someone looking for actionable insights, this one’s for you.

?? Listen now: Click here for the audio episode.