Tiuta says it has secured a major new funding arrangement.
This follows the news that Connaught Asset Management has taken over the loan books made through Connaught’s Series 1 and Series 2 Income Funds and has begun proceeding to wind up the funds.
The bridging lender has also stated it is in active, final-stage discussions with a number of potential funders and it anticipates announcements of significant funding lines for lending will be announced shortly.
It currently has funding lines through Baltic International Bank and a Central London Investment fund.
“This is a positive moment for Tiuta and our new seven-figure business financing arrangement secures our status for the foreseeable future,” said Steven Nicholas (pictured), chief executive of Tiuta.
“We continue to have strong support from the likes of Baltic International Bank, and we are on the verge of announcing some exciting news about new funding lines which we are looking forward to utilise. At present our focus is on the large bridging loan marketplace and this will remain the case.”
Nicholas added: “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.”