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Tiuta secures further financing arrangement

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  • 19/06/2012
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Tiuta secures further financing arrangement
Short-term loan lender Tiuta has secured a new financing arrangement and is expected to announce further funding lines.

The bridging loan firm has secured a seven-figure financing deal which it said will deliver increased stability and financial security for the business.

The move comes as part of an efficiency drive at the firm which has seen an internal restructure take place. Tiuta is also in active discussions with a number of other potential funders which it expects to complete shortly.

The restructure will also see Connaught Asset Management undertake an orderly wind down of its Series 1 and Series 2 loans books.

Tiuta’s current funding lines are through Baltic International Bank and a recently announced deal with a Central London Investment fund.

Steven Nicholas, chief executive at Tiuta, commented: “This is a positive moment for Tiuta and our new seven-figure business financing arrangement secures our status for the foreseeable future.

“We have had a long and healthy relationship with Connaught Asset Management and will continue to do so, however from a funding line point of view we part on good terms and are currently focused on our existing and new arrangements.

“Our recent internal restructure ensures that we have ‘right-sized’ the business for our existing needs and we will now forge ahead focusing on our product range and our ongoing ability to offer quality bridging finance to a range of existing and new borrowers.

“At present our focus is on the large bridging loan marketplace and this will remain the case.”

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