In addition, “Suspension Bridge” provides an agreed total borrowing level with a drawdown facility meaning that borrowers can be provided with single or multiple allocations of funds within an hour of instruction.
“Suspension Bridge” is aimed at speculative buyers who are currently looking at a variety of purchasing options and may be in the market for multiple purchases. As it is aimed at professional investors with existing property or properties Tiuta can offer it at just 0.95% for LTVs of 55% and under.
Product features include:
• Max facility £700k
• 0.95% rate, calculated daily, added monthly, paid on redemption
• Max LTV 55%
• Client to have minimum net assets of £500k
• Funds can be requested at one hour’s notice (before 2.00pm)
• Multiple draw downs and redemptions up to agreed limit
Gary Booth, CEO at Tiuta, said: “The current property market is offering Below Market Value transactions, for which traditional lenders are sadly no longer able to supply lending facilities in the timescales that purchasers require. “Suspension Bridge” allows buyers to have a pre agreed facility, that they can drawdown to fit their property investment strategy. Furthermore, it also allows investors to shop around for the best refinancing offers without having to take the first terms, which can often be uncompetitive. With finance proving difficult to come by, the suspension bridge should be a useful product for those looking to take advantage of buying opportunities in the market”
