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Tiuta, the specialist provider of bridging loans has announced the launch of a new product called Underbridge. The new scheme has been especially designed for those who have the opportunity to purchase property at a discount from its real value. Examples include properties bought at auction, repossessions and distressed sales. Tiuta will base their lending on an independently surveyed valuation of the property’s market value and will lend up to a maximum of £500,000.
Gary Booth, CEO of Tiuta, explained that the new product is perfect for those borrowers who are looking at buying at a reduced price compared to the open market value of the property. He stated that it was also great news for professional buyers who are hampered by lenders current criteria surrounding the remortgaging of recently bought property.
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