- Specialist lender completes first loan from newly-launched product suite
- Case highlights the bank’s flexible approach, understanding of complex cases and desire to go the extra mile
- Great example of broker and lender working together to secure great outcome for the customer
Masthaven has successfully completed its first Bridging Plus case just weeks after the new product was launched to the market.
Together with Finance 4 Business (F4B), the bank secured a bridge valued at more than £800,000 in a complex case which required specialist underwriting and an experienced team.
Bridging Plus is Masthaven’s enhanced bridging loan product for its Premier Partners, offering larger loans from £750,000 up to £5 million, reduced rates, a flexible and custom pricing structure.
F4B approached Masthaven on behalf of an experienced developer due to complete a site of four properties to sell on.
The customer needed to raise £800,000 so they could move quickly on the purchase of two other potential sites whilst completing work on the existing site and getting sales through.
“The case was far from straightforward – with the details of both the security and repayment strategy being complex,” says James Bloom, Masthaven’s Managing Director of Short Term Lending.
Masthaven worked quickly and diligently to move the case through, agreeing the facility and personally liaising with the valuer to confirm the planning conditions were adequate, delivering the case from start to finish in a couple of weeks.
“This latest completion shows how efficiently brokers and lenders can work together to overcome obstacles to provide an excellent solution in a timely manner,” says Russell Martin, Founder and Managing Director of Finance 4 Business.
“F4B’s James Danks managed the case through to completion and James Bloom of Masthaven demonstrated great understanding of the case to find a very quick solution to a potential problem just prior to completion. This is another example of a relationship that grows from strength to strength.”
“Completing our first Bridging Plus case shortly after the product’s launch on Valentine’s Day highlights the clear demand for our larger loans proposition,” James Bloom continues.
“This case shows Masthaven’s hands-on, collaborative approach as our team out on the road liaised with both myself and our underwriters to drive this through.
“We were delighted to work with the F4B team on this case, bringing together our expertise, diligence and willingness to go above and beyond in order to deliver.”
About Masthaven Bank Ltd
Masthaven launched as a retail bank in 2016. It 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. The bank is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register no. 719354). Masthaven was named ‘Best Bridging Lender’ in the Coreco Awards (2017); ‘Most Innovative Savings Provider’ in the Moneynet Personal Finance Awards (2017 and 2018); and ‘Best Specialist Lender’ in the Moneynet Personal Finance Awards (2018). Masthaven Finance featured in 2015’s The Sunday Times’ Virgin Fast Track 100 (at number 81). Masthaven Bank was ranked 240 in Financial Times’ FT1000 list (2017).
FOR FURTHER INFORMATION
Gaby Bryson, Rostrum
dd: (0)203 727 3757
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