Savills to distribute Tiuta's Bridge to Let product

7 June 2010

Savills Lending Solutions has been chosen as one of three companies to distribute Tiuta’s new Bridge to Let product.

Along with Manor Mortgages and Pavilion Securities, SLS is now able to offer clients the ability to borrow on 100% of the purchase price or 75% of the open market value if they wish to refurbish a property, with a guaranteed exit after six months.

Applicants will then have the ability to borrow 75% of the refurbished value on a two-year fixed rate buy-to-let deal at 6.99%.

Rob Jupp, director of SLS, says: “This is an innovative product that allows professional investors to fund schemes requiring refurbishment, and after this lets them move onto a competitive fixed rate buy-to-let deal.

“Tiuta is an inventive lender and we are delighted to continue our long-standing relationship with it.”

Guy Garrard, head of business development at Tiuta, says: “This is an intermediary-only product that has been carefully thought out and we believe it will be well received by brokers.

“Controlled distribution and choosing the most appropriate strategic partnerships remain key to our proposition, and we believe that this route to market will continue to be the one that best serves the intermediary marketplace.”