Tiuta hikes LTVs on a variety of bridging products

GEORGE PATELLIS: SERIOUS ABOUT BALANCING RISK
GEORGE PATELLIS: SERIOUS ABOUT BALANCING RISK

Tiuta is raising the LTVs on a number of its bridging deals.

It has increased the LTV on brid-ging loans for limited companies to 70% from 60% and also hiked the LTV on it mixed residential and commercial borrowing to 60%, up from 50%.

As well as increasing the LTV from 55% to 60% on its facility for houses in multiple occupation the lender has boosted its land with planning LTV to 60%.

Tiuta’s LTVs are based on open market valuations.

George Patellis, chief executive officer of Tiuta, says that with lending criteria still strict in specialist markets some successful entrepreneurs are being left out, which led it to raise its LTVs.

He says: “With demand rising for short-term finance solutions it’s important that we listen to our clients as well as the intermediary market to see how we can offer support.

“We have to balance risk against any enhancements we make but as a regulated entity that is something we take seriously.”

He adds: “We hope that by raising our LTVs brokers will be able to offer clients suitable products while opening up a good revenue stream for themselves.”