Masthaven Bank closed a £3.5 million bridging loan in just five working days during the COVID-19 crisis, enabling the customers to repay their existing mortgage and carry out refurbishment work.
The customers, based in London, wanted to refinance their mortgage and carry out improvements on an £8 million property. The loan was introduced to Masthaven by Enness - a specialist and luxury property brokerage catering to high net worth clients. Masthaven was chosen because of its track record in completing loans quickly and with competitive rates.
After review, credit-backed terms were issued using Masthaven’s new online broker portal. A valuation was organised with solicitors instructed on the same day. The valuation was carried out the next working day with the report received that same afternoon. Masthaven underwrote the case and worked with the broker to close the deal within five working days of receiving the application, lending a total of £3.5 million.
Chris Lloyd, Vice President at Enness said:
“This case was all about speed which meant communication was key. I worked with Jim Baker, Head of Business Development for short-term lending at Masthaven, to ensure the customer received a credit-backed DIP as quickly as possible which outlined the terms and requirements needed to proceed. I was impressed by the level of communication and professionalism from Masthaven – it made the process quick and painless.
“During the pandemic, Masthaven has operated business as usual. The customer is incredibly pleased with the product and the quick turnaround.”
Alan Margolis, Director of Bridging at Masthaven Bank said:
“Bridging loans are about people, so I visited the customers at the property to establish a personal relationship from the outset. Given the challenges facing the market as a result of the coronavirus crisis, we were really pleased to have been able to turn the loan around so quickly, delivering a great outcome for our customers.”
For more information visit: https://www.masthaven.co.uk/
About Masthaven Bank
Masthaven launched as a retail bank in 2016 and offers award-winning saving and lending products. Prior to that, Masthaven Finance has provided a flexible and personalised approach to bridging loans and secured lending since 2004.
Today, the bank’s knowledgeable and experienced specialists are committed to providing customers with flexible and fixed term savings accounts, bridging loans, development finance and mortgages.
Masthaven was recognised as 2019’s Most Innovative Digital Retail Bank UK by CFI, the second consecutive win for the category. Masthaven won Best Second Charge Mortgage Lender in the Your Mortgage Awards 2018/19 and Customer Service of the Year in the Money Age Mortgage Awards in 2019. It was also awarded Best Specialist Lender in the Moneynet Personal Finance Awards 2019. Masthaven Finance has featured in 2015’s The Sunday Times’ Virgin Fast Track 100 (at number 81) and the bank ranked 240 in Financial Times’ FT1000 list published in 2017.
The bank is regulated by the Financial Conduct Authority and Prudential Regulation Authority.
Enness is a privately owned, independent mortgage brokerage. We source and arrange mortgage finance for high profile, complex and international individuals via over 300 lending sources. Our clients trust us to act on their behalf, provide innovative finance solutions and manage the entire process with a detailed, expert eye to ensure their mortgage plans are executed with precision and efficiency.
07766 255 757