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SMS launches innovative Bridge to Let product

14 July 2010

Solent Mortgage Services has launched a new product through Tiuta PLC, which offers an immediate bridging solution bundled with a guaranteed longer term fixed rate facilty for landlords, all within the same product.

The bridging element is available to 75% of Open Market Value (OMO) for six months. When the property has been refurbished, it is then reinspected and revalued and provided proof of new tenancy is provided, the client can then capital raise, if he requires, up to 75% of the new OMO. The rate is dependent on the final LTV. At 75% the fixed rate is 6.99% for 24 months.

According to Ian Balfour, CEO at SMS, the bridge to let product is a great innovation for the Buy to Let market and has many upsides for potential and professional landlords.

He said:

“Tiuta has put itself in the minds of BTL landlords and intermediaries and come up with a really useful product. Landlords can buy at auction with confidence knowing that they can buy with confidence, then with the bridging element have the time to refurbish and have the guarantee of a fixed rate longer term product to finance the property without having to run the risk of not finding finance at the end of the bridge period. The rate on the bridge is good and the fixed rate is competitive in its market segment.”

Guy Garrard, Head of Business Development at Tiuta, commented:

“Having analysed the market, it was clear to us that one of the bottlenecks despite the demand for short term financing came when landlords needed to refinance away from the bridging facility onto a longer term finance deal when at present there is so little reliable funding generally. With this product, the intermediary market gets a really business tailored product which removes any uncertainty from the transaction and provides real finance continuity.”

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