Typically designed for properties bought at auctions, repossessed properties or distressed sales from property clubs or second homeowners, the 100% offer is based on an independently surveyed valuation of the property’s market value and is available for loans of up to £500,000.
Commenting on the launch, Gary Booth, CEO of Tiuta, said: “This new product is perfect for those borrowers who are looking at buying a distressed sale, for example at an auction, at a reduced price compared to its open market value. It is great news for professional buyers, or even first-time buyers, looking to buy a property at a discount with a view to remortgaging it or selling on. In the current climate, remortgaging is taking a long time, which can prohibit some borrowers.”
The launch of Underbridge follows the successful launch at the beginning of June of Refurbridge, another new innovative Tiuta product. Refurbridge allows borrowers to finance both the purchase price and the cost of refurbishing the property.
With Refurbridge, borrowers, whether they are developers or buy-to-let investors, can borrow 100% of the refurbishment costs of the property, as long as the cost does not exceed 75% of the Gross Development Value. The maximum loan amount that can be advanced is £500,000, with an interest rate applied monthly of 1.45%. The LTV is based on the property’s open market value, rather than the purchase or forced sale price.
