Tiuta PLC has announced the launch of a new product range after it secured a new funding line from a Central London investment fund.
The new products are offered for loans between £1 million and £25 million with rates starting at 8% per annum.
The product range is offered for high-end development properties within Central London and the South East, and Tiuta will lend up to 70% of the property’s cost up to a 15-month term.
Tiuta says is also offering a streamlined underwriting process to speed up the completion process.
“We are over the moon at securing this new funding line and are pleased to be able to offer this new product range for large bridging loans at highly competitive pricing,” said Steven Nicholas (pictured), chief executive of Tiuta.
“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.”
Nicholas added: “Over the past few months competition for the same deal has become ever greater given the increased number of lenders offering discounted rates. 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.
“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.”