SLS launches 'Suspension Bridge' with Tiuta

Bridging loan specialist Tiuta has joined forces with Savills Lending Solutions (SLS) to launch its "Suspension Bridge" offering.

The product is aimed at 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.

Suspension Bridge will provide an agreed total borrowing level with a drawdown facility meaning borrowers can be provided with single or multiple allocations of funds within an hour of instruction.

Aimed at professional investors with existing properties, Tiuta can offer the deal at 0.95% for loan-to-values (LTVs) of 55% and under.

"The current property market is offering below market value transactions, which traditional lenders are no longer able to supply lending facilities for, in the timescales that purchases require," explains Gary Booth, chief executive at Tiuta.

"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," he concludes.

Melanie Bien, director and spokesperson for Savills Lending Solutions, adds: "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."

IFAonline