In addition to Tiuta’s recent decision to increase its LTV levels across a number of bridging product areas, based on an open market valuation, the specialist lender has subsequently cut the rates on its closed bridge offering from 1.5% per calendar month to 1% per calendar month. Tiuta has also lowered its up front legal fees from £850 to £495.
A closed bridge is a loan available to homebuyers where the contract for sale has been completed but there is a delay between the receipt of funds and the settlement to purchase the new property.
Tiuta has vast experience in working with a wide variety of borrowers from once in a lifetime bridging borrowers to the experienced multi-transactional property companies. It will work closely with brokers to ensure their clients speak directly to a decision maker, with the ability to see the bigger picture and understand the potential of such a proposition.
George Patellis, CEO at Tiuta, commented: “During continued challenging times we believe that clients need all the help they can to ensure that they are able to get, or keep, their feet on the property ladder which is why we have reduced rates and cut legal fees.
“We are working hard to make ourselves a brand that intermediaries trust and to ensure that their clients can benefit from greater flexibility and access to enhanced borrowing requirements when many lenders are simply closing the door on far too many good quality applicants.
“We are looking forward to building on some very solid foundations by continuing to innovate and have a number of exciting plans in the pipeline for the rest of the year and beyond.”
