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Tiuta reports 200 per cent increase in bridging finance
Brokers have seen a 200% increase in demand for bridging finance in the last 9 months as their clients bag residential and commercial bargains at auctions and other distressed sales.
Like the mainstream mortgage market a number of smaller bridging firms have had to withdraw because of a lack of funding. However, unlike the mainstream market, the main bridging lenders have been able to offer a consistent supply of products without having to alter LTVs or rates dramatically.
Gary Booth, CEO at Tiuta, said: “Brokers that have adapted to the changing environment have been very successful in 2008. We are regularly seeing brokers place several cases a week as their more experienced buyers snap up bargains. With falling interest rates we expect this to continue as the primary residential market is still relatively static, but the demand for rental is increasing, which is creating a thriving market for brokers and their clients that can move quickly when opportunities occur.”
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