New product guide available here
Masthaven, the specialist bank, has today announced that it has substantially revamped its short-term lending offering to include reduced rates for the whole of market and an improved refurbishment bridging feature.
The bank has unveiled some of the largest ever rate reductions in its product suite. These rates are now available to the whole of market, providing brokers with more choice, access to the lender’s best pricing and the option to utilise specialist bridging experts. The widened offering is part of Masthaven’s ongoing mission to level the playing field and make bridging fully accessible to the whole broker community.
The new rate reduction highlights, across Masthaven’s regulated and non-regulated products, include:
Prime Bridging Plus now 0.48% up to 50% LTV, 0.53% up to 60% LTV
Prime Bridging now 0.48% up to 50% LTV, 0.58% up to 60% LTV
With refurbishment accounting for nearly three in ten bridging cases, Masthaven has revealed it will now offer a refurbishment loan with a maximum loan size of £2 million, available for the first time on its Prime product and with enhanced criteria on Standard.
The new Prime proposition covers non-structural work including kitchens, bathrooms, heating, wiring, windows, doors and roof coverings. The enhanced refurbishment criteria on Standard includes extensions up to 50% of square footage, loft conversions and the conversion of single units into multiple units (residential only, maximum 4).
Other key features include:
Top up on both Prime and Standard products up to 100% of the cost of work, providing there is no LTV increase from the original advance
Surveyor’s inspection and quick release of funds
The revamped product range follows a series of achievements for Masthaven, including the closing of a £60 million investment from global investment firm Värde Partners. The bank also recently reached £0.75 billion in assets, driven by the growth of its diversified lending, in which the bank’s short-term property financing played a huge role.
James Bloom, Managing Director of Short-Term Lending at Masthaven, says: “As the bridging market continues to increase in size, so does the needs of brokers within this sector. That is why we have listened to our broker partners to offer Masthaven’s revamped and highly competitive bridging range. We believe that bridging products should be a core part of every broker’s toolkit and recognise that in an increasingly diverse lending world, brokers need a range of short-term solutions supported by excellent service and competitive rates.
“Offering our new refurbishment proposition and reduced rates to the whole of market is our way of providing brokers with both the confidence to recommend these products and maximum flexibility to cater for a wide range of client scenarios. We are positive that these decisions will be game changing for the sector as we continue to further develop our short-term lending proposition throughout the year.”
Commenting on the launch, Stephen Burns at Adapt Finance says: “We’re delighted to see Masthaven roll out competitive, low-cost new bridging rates to the wider market. As a leading provider of short-term finance, Masthaven is always listening to brokers and reviewing its product suite accordingly – this latest change is testament to that.
“With the introduction of its new refurbishment feature, the lender rightly recognises that bridging finance is moving into the mainstream and is now a versatile lending stream for a whole range of different uses. We look forward to offering this exciting new bridging range to our customers.”
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); ‘Best Specialist Lender’ in the Moneynet Personal Finance Awards (2018) and Most Innovative Digital Retail Bank UK 2018 by CFI. 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
Hayley Schubert, Rostrum
dd: (0)203 727 3757
m: 07342 998564