Bridging lender announces record month

Bridging lender announces record month



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Tiuta PLC, the short-term loan lender, has today announced that it has achieved a record month in terms of the number of new deals completed.

During May, the bridging loan specialist completed 29 per cent more deals than in April.  Tiuta has also announced that it fully expects the pipeline of business to be completed in June to comfortably surpass that of May both in terms of number of deals and the amount of money lent, which would maintain its record-breaking quarter two performance.  

The news follows Tiuta’s recent announcement of a shift in business priority focusing exclusively on the unregulated bridging loan market.  Tiuta also restructured its sales and lending operations during the early part of 2011, making a number of new appointments and introducing a number of internal changes.  

Management at Tiuta see the record number of deals it is now carrying out as evidence of the success those changes have brought and the fact the business is completely focused on the bridging loan sector. 

Steven Nicholas, CEO at Tiuta, said:

“May has seen a significant rise in the number of deals completed representing a record month for the business.  When we conducted our review of the business and put in place our change in emphasis and structure, we expected a boost in activity but we have been blown away by the level of business we carried out in May. 

"Plus, the fact that June is already shaping up to beat last month seems to show that the changes we have made throughout Tiuta are bearing fruit much earlier than even we could have anticipated.  Those introducers, brokers, advisers and packagers involved in bridging know only too well that experience, product offering, service and appetite to lend count for a great deal; we believe Tiuta delivers on all counts. 

“For many trying to secure long-term finance in the wider economy, times are difficult which makes the loans that Tiuta is able to provide even more important.  Indeed they are absolutely vital to many; just recently, the provision of finance to a manufacturer in Yorkshire made the difference between the firm remaining open, and having time to secure long-term finance, and that business closing down.  25 jobs have been saved as a result so it is clear that with more mainstream lenders losing their appetite to lend, we as bridgers are helping many UK businesses.  The message should therefore be clear that Tiuta are very much active in the marketplace and we want to talk to all those who need our bridging and short-term finance loans.”

Mike Lawton, Mortgage Director at John Charcol, added:

“The recent changes at Tiuta have been refreshing and I am delighted to see Steven Nicholas driving the business forward with energy, enthusiasm and passion, coupled with his highly experienced team.

“Tiuta’s experience and knowledge of the property market is second to none, which allows them to make quick and sensible lending decisions. For experienced, quality brokers like ourselves, this service is vital.  As an example, I experienced this first hand with Tiuta in May and managed to agree in principle £5 million of lending within half an hour. 

“I would therefore strongly recommend Tiuta to the professional broker market.  Tiuta’s front door is always open to discuss cases face to face and construct a deal, or offer advice when needed.  They even help with the paperwork; if brokers haven’t tried them, they should.”

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