Starting this month brokers and introducers will receive a fixed amount of cashback each time one of their clients’ completed loans with Tiuta is redeemed. For loans up to and including £750,000 the cashback amount is £250 and for loans above £750,000 the cashback is £500.
With this level of cashback offered the commission received by a broker or introducer from Tiuta for each individual deal could increase by as much as 35 to 50% per deal, the company said.
Tiuta has introduced the incentive to reward brokers throughout the lifespan of the loan, with the fixed amount only being paid when the loan is repaid in full.
‘As part of our ongoing broker initiatives we have introduced the cashback incentive which allows those introducing business to Tiuta to benefit when a loan is redeemed. Brokers’ relationships with their clients do not end when the loan completes and therefore we wanted to reward the broker for the ongoing work and service they provide the client with, up until the point of redemption,’ said Steven Nicholas, chief executive officer at Tiuta.
‘We always work on the basis that, the quicker the loan is repaid, the quicker we are able to use that money to fund further deals. Brokers and introducers are often instrumental in the redemption of their client’s loan and therefore it makes sense to reward at this point in time. We believe this incentive will also help develop closer broker/client ties which will help deliver ongoing benefits to each and help build future referrals,’ he added.
