The financing arrangement follows an internal restructure of the business designed to achieve efficiency in all areas.
Tiuta has also announced it is in active, final-stage discussions with a number of potential funders and it anticipates announcements of significant funding lines for lending will be announced shortly.
At present Tiuta have ongoing funding lines through Baltic International Bank and a Central London Investment fund.
The bridging loan specialist recently announced it had secured a new funding line from the Central London Investment fund and, as a result, has launched a product range targeting large loans on high-end development properties.
The lender can also reveal that Connaught Asset Management has now taken over the loan books made through Connaught’s Series 1 and Series 2 Income Funds. Connaught is undertaking an orderly wind down of these books which will deliver maximum value to its investors.
Steven Nicholas, Chief Executive of Tiuta, commented:
“This is a positive moment for Tiuta and our new seven-figure business financing arrangement secures our status for the foreseeable future. This, along with the fact Connaught Asset Management has taken over the loan books associated with Series 1 and 2, allows us to focus completely on our existing and new funding lines.
"We continue to have strong support from the likes of Baltic International Bank, and we are on the verge of announcing some exciting news about new funding lines which we are looking forward to utilise. At present our focus is on the large bridging loan marketplace and this will remain the case.
“We have had a long and healthy relationship with Connaught Asset Management and will continue to do so, however from a funding line point of view we part on good terms and are currently focused on our existing and new arrangements.
"Our recent internal restructure ensures that we have ‘right-sized’ the business for our existing needs and we will now forge ahead focusing on our product range and our ongoing ability to offer quality bridging finance to a range of existing and new borrowers.”
