Mortgage News
Tiuta launches premium property products
Short-term loan specialist Tiuta has announced a new product range after securing a funding line from a Central London investment fund.
The lender’s range will allow loans of between £1m and £25m to be offered.
Rates start at 8% per annum and are available for premium development properties within Central London and the South East.
Tiuta will lend up to 70% of the cost of the property on terms of up to a 15-months. The firm will also offer a streamlined underwriting service for these products to enable quick completion.
Tiuta’s chief executive Steven Nicholas said: “It is important for Tiuta and our customers that we respond to this competition and, we have done this, by concentrating on higher loan deals at cheaper interest rates.
“This is proving successful and we are opening up a completely new niche market.
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“We will be informing all our brokers and introducers about the product range and we are looking forward to helping their clients secure their bridging finance.
“There are a number of new entrants who have come into the short- and medium-term lending market recently and this has placed significant downward pressure on interest rates which is clearly good for both the industry and the consumer.”