Behind the doors of a bridging lender

Behind the doors of a bridging lender


Bridging & Commercial recently went on a tour of leading bridging lender Tiuta PLC. We were taken around their offices in London and were walked through their bridging process.


We also met a number of their heads of department and were quick to realise that Tiuta is a much organised outfit throughout their departments, helped in particular by their new appointments and efficient in-house computer system.


This year, Tiuta PLC have undergone a restructure of its sales and lending operations and, after a complete review of their business strategy, they have pulled out of regulated business to focus solely on its core bridging activities; mainly secured bridging lending to professional and experienced customers.


Even though they no longer accept regulated loan applications they still remain an authorised business to manage and administer their remaining regulated loan book. Steven Nicholas, CEO, stated: “Having made some significant improvements to our sales and lending operations these are exciting times for Tiuta.” 


We met Gareth Lewis, who joined Tiuta a few months ago and is their Head of Business Development. Gareth joined from short term lender Cheval, where he worked for seven years and held the position of National Sales Manager for four years. Gareth is a man with a vision and his experience and personality will surely help Tiuta forward.


We met Helen Farmer, Head of Underwriting, who informed us that she oversees the work of five main underwriters in her department - all with different backgrounds and experiences. Helen also spoke of their manual underwriting style and how their interaction with the other departments works very well, especially when dealing with development cases or cases which, under a typical credit scoring system, would be automatically red flagged.


Tiuta have a number of funding lines but their main two sources are with Clydesdale Bank and Connaught Asset Management, with the latter of the two funding arrangements being established in 2008. Steven Nicholas added: “We have also introduced new lines of reporting within the company that provide greater clarity and streamlined communication. This has ultimately resulted in a more focused process of delivery and allows us to concentrate on lending the significant sums of funding we have available in our core lending areas.”


We were informed that Tiuta’s track record this year has been exceptional, having experienced above average trading months and reaching their best trading month on record in May.


Proof that Tiuta’s new recruits are improving operations is seen by the fact they were the 2009 and 2010 winners of the ‘Best Bridging Finance Provider’ at the Business Moneyfacts Awards. Results published by the Council of Mortgage Lenders on 23 August 2011, show that last year they were the only bridging lender in the Top 30 for gross mortgage lending in the UK.


Steven Nicholas, CEO of Tiuta, said: “To be the only bridging loan specialist out of all those lenders also shows the levels of finance we are offering and our unique status within our own sector”.


With their new refocus, their restructure and the recent appointments of two new Non-Executive Directors to their board, things are clearly looking up for Tiuta. They seem like a well-oiled machine with new bags of enthusiasm and drive and can surely stay as one of the leading providers in the bridging market.

By Jason McGee-Abe

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