The Connaught Income Fund Series 2 will enable Tiuta to continue its ambitious expansion plans in the specialist lending sector.
The backing denotes a significant step in Tiuta’s development into a broader range of specialist lending product areas and structured progression into the longer term finance markets. It also exemplifies Tiuta’s continued commitment to the intermediary market as it looks to build on its intermediary-based presence in the buy-to-let, secured loans, commercial and bridging finance sectors.
The open ended fund has a revolving value of up to £300 million and from it Tiuta has the ability to lend with terms of up to five years.
The development of the Series 2 fund has been driven by the hugely successful performance of the Series 1 Income Fund, launched in 2008. Similar to Series 1, Series 2 will utilise the specialist services of Tiuta to source, underwrite and manage the individual loans using Tiuta’s strict lending policy. The fund will focus on short to medium term lending for a host of activities including property development and renovation.
George Patellis, CEO at Tiuta, commented: “Although this is one of a number of funding lines that Tiuta is fortunate to have, the sheer weight of the backing of Connaught Asset Management illustrates just how determined we are to really make a mark in the specialist lending arena.
“Of course bridging finance still stands at the heart of the Tiuta proposition but there remains a large propensity to grow and really challenge across the whole of the specialist lending arena and secure our standing as a leading short to medium term lender.”