Raphael Benggio is a Team Leader at Masthaven. Raphael received a case from one of Masthaven’s packager partners – Y3S. They needed help for one of their clients who wanted to secure a Bridging Plus loan. The client was raising funds against three of their buy-to-let properties as well as the purchase property to purchase a new main residence – their dream home. The case involved numerous securities but with the help of a proactive broker and the dedicated Masthaven team, the bank were able to complete in time for the client to exchange and secure their purchase.
I was contacted by Y3S, part of our premier partner panel. They came to us with a case where the client wanted to purchase their dream property using our latest Bridging Plus product. However, the client, a professional landlord, required a £2.2 million loan against four securities – three of their current buy-to-let properties and the purchase property – to purchase a new main residence.
Additionally, the purchase property needed a lot of repair work which the client intended to complete themselves. Despite the numerous hurdles with the case we were confident we’d be able to help.
As with every bridging case, we try to understand all the customer’s needs and individual situation so the product fits. Assessing the case as a whole, meant we were able to evaluate the customer’s cashflow and knew they would be able undertake the repair work on the purchase property as anticipated. As a professional landlord, the customer was commercially astute and understood the complexities of the case which made it easier when explaining the case required a bit of “thinking outside the box”.
After a series of assessments and taking into consideration the client’s property portfolio in its entirety, we could see the customer would be able to make up any shortfalls they may encounter, and it painted a picture we were comfortable with.
We completed the loan with sufficient time and the client was delighted. We lent over £2 million and we were able to help our client secure their dream home.
It’s cases like these that really bring the Masthaven ethos to life – these are real people with real needs that need real financial products. Keeping an open mind whilst making sensible lending decisions is what makes the bridging sector so special and is paramount in understanding people need access to flexible finances.
Darek, Masthaven’s customer, said: “I cannot thank Masthaven enough for all of their hard work on what was admittedly a very complex case. I appreciate the whole team’s support, particularly Raphael’s open mindedness throughout the process and we are so happy to have secured our dream property. We have been dreaming about this particular house for the past ten years or more and now, thanks to Masthaven, our dreams have come true.”
Wayne Jones, Senior Broker Manager at Y3S, commented: “When Raphael and myself made contact regarding Darek’s case, it was clear that this would involve a lot of work. However, we both put in the extra effort to make sure it could work. I can’t thank Raphael and the team at Masthaven enough, the process was very smooth and I have had a lot of dealings with Masthaven while working at Y3S and I’ll continue to use them in future. For the size and complexity of the application, it went through very smoothly with very little hurdles. . Helping Darek and his wife into their dream home made it all worthwhile.”