Today, Masthaven launches its new Development Finance offer as it opens as new retail challenger bank. Built by its expert team, led by Managing Director James Bloom, Masthaven will offer highly competitive Development Finance products complemented by the same speed of service and approach to credit and decision making the organisation is renowned for.
Masthaven will offer lending of up to 50% on purchases, up to 100% of build costs, and up to 60% of the Gross Development Value including rolled up interest. Its team of specialists will also lend on refurbishments where there is structural work or change in either use or number of units required. The products have no redemption fees or penalties, will be offered with both lower interest rates than previously and with the opportunity to roll-up interest.
James Bloom, Managing Director, Development Finance Division, said: “The UK has a critical housing shortage and we are proud to offer new development finance products to support SME housebuilders to help address the UK’s housing gap. As we become a bank, brokers and developers can be reassured that while they will continue to receive the same exceptional service they expect from Masthaven, they will now benefit from more favourable lending rates.”
Key product features:
- Lending across England & Wales (Scotland considered by exception)
- Minimum loan £150,000 (£100,000 where purpose is completion of work)
- Maximum loan £2,000,000 (slightly larger loans considered)
- Up to 50% of purchase price – contribution reduced to 25% for self-build
- Up to 100% of build costs
- Maximum loan to GDV 60%, including interest rolled up
- Terms of up to 12 months for regulated loans and 18 months for non-regulated loans
Masthaven launched its new Development Finance offer as it opened as a new retail challenger bank in November 2016 as published in Development Finance Today and Mortgage Solutions