Tiuta reduces bridging rates
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Tiuta has reduced its bridging interest rates by up to 0.4% on loans with an LTV of between 60% and 75% on an open market valuation for properties in England and Wales.
The reduced interest rate for loans between 51% and 75% LTV at OMV will now be from 1.25% per calendar month.
Previously, interest rates from 1.25% pcm were only available for deals from 51% to 60% LTV, while rates for 61% to 70% LTV were formally from 1.45% pcm and 71% to 75% LTV were from 1.65% pcm.
Guy Garrard, head of business development at Tiuta, says: “With the more mainstream market still suffering from limited volumes of lending, it is up to innovative specialist lenders to help arm intermediaries with viable alternatives for their clients.
“Demand and competition are rife within the short-term lending arena and as such we are constantly looking to evolve our proposition in order to maintain our position as a leading provider within this marketplace.”
The move comes after Tiuta enhanced criteria on its residential bridging product to create an exclusive rate of 0.89% pcm for properties within the M25 area.
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Readers' comments (2)
Samuel George | 7 Mar 2011 2:18 pm
Another bold move by Tiuta, they are the market leaders in the Short Term lending arena
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Anonymous | 7 Mar 2011 3:14 pm
Good to see a lender with a genuine appetite to write proper levels of business
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