Savills Lending Solutions teams up with Tiuta

6 January 2009

Bridging provider Tiuta has joined forces with Savills Lending Solutions to launch a suspension bridge product, which allows borrowers to access funds within one hour.

The suspension bridge is aimed at existing property owners looking to refinance existing borrowing or unencumbered property in the short term in order to take advantage of housing market opportunities and buy further property.

The product also provides an agreed total borrowing level with a drawdown facility meaning that borrowers can be provided with single or multiple allocations of funds within an hour of instruction.

The suspension bridge is aimed at speculative buyers who are currently looking at a variety of purchasing options and may be in the market for multiple purchases.

As it is aimed at professional investors with existing property/ies Tiuta can offer it at 0.95% for LTVs of 55% and under.

Other product features include a maximum loan facility of £700,000, an interest rate at 0.95% calculated daily, added to the loan monthly and paid on redemption, a maximum LTV of 55% and clients must have minimum net assets of £500,000.

Gary Booth, chief executive officer of Tiuta, says: “The current property market is offering Below Market Value transactions, which sadly traditional lenders are no longer able to supply lending facilities for, in the timescales that purchases require. Suspension bridge, in conjunction with Savills Lending Solutions allows buyers to have a pre agreed facility, that they can drawdown to fit their property investment strategy.

"Furthermore, it also allows investors to shop around for the best refinancing offers without having to take the first, and often uncompetitive terms. Savills has worked with us to design and promote the plan as many of their clients are actively considering the best way forward.

"Many are looking to consolidate existing arrangements which, given the current market, can take a little time to select the best option. Others are actively looking to secure more properties and also need time to refinance their purchases post buying at a discount.”

Melanie Bien, director and spokesperson for Savills Lending Solutions, says: “We are delighted to be offering this exclusive and innovative product in conjunction with Tiuta. With finance proving difficult to come by, the suspension bridge should be a useful product for those looking to take advantage of buying opportunities in the market.”