Funding boost will help Tiuta expand product range
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Tiuta has secured a major funding line that it says will enable it to broaden its range of specialist products.
The funding has been secured through Connaught Asset Management and its Income Fund Series 2.
The specialist lender hopes to expand its intermediary-based presence in the buy-to-let, secured loans, commercial and bridging finance sectors.
The open-ended fund has a revolving value of up to £300m.
The development of the Series 2 fund has been driven by the succ-essful performance of the Series 1 Income Fund that was launched in 2008.
George Patellis, chief executive officer at Tiuta, says: “Although this is one of a number of funding lines that Tiuta is fortunate to have, the sheer weight of the backing of Connaught Asset Management illu-strates how determined we are to make a mark in the specialist len-ding arena.”
Recently TBMC, launched a semi-exclusive bridge-to-let scheme with Tiuta.
Andy Young, chief executive of TBMC, says: “The funding is signi-ficant and is fantastic for the sector. It will help those product areas such as buy-to-let which have been har-dest hit. It is good news not just for the specialist market but the overall mortgage market.”
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