Masthaven is today launching an extended suite of Short-Term Lending solutions, reflecting increased demand from brokers for simple flexible short-term lending with a quick turnaround.
The new solutions incorporate a Light Development product, and enhancements to the bank’s Bridging proposition through the introduction of Standard and Prime Bridging products, alongside Development Finance and Commercial bridging loans.
It is a simplified needs-based proposition, designed to give brokers easier access to the most appropriate lending products for their clients. Brokers already working with Masthaven can be reassured that the same team of experts is working on their business.
Richard Deacon, Sales Director at Masthaven said: “Our new Short-Term Lending solutions reflect feedback we’ve heard directly from our brokers in terms of their clients’ evolving needs. They want simple, flexible, swift solutions, so we’ve simplified our proposition to set a new standard for the short-term lending sector. We recognise that time is of the essence in the short-term lending market, and brokers need access to competitively priced lending. So we are bringing together a suite of products with a broader range of criteria, serviced quickly and professionally through our highly skilled team of Business Development Managers and Underwriters.
Masthaven will be offering Light Development Finance lending for the first time. This product has been designed for small scale development projects, such as converting commercial property to residential property and changing single units to multiple (maximum four) and/or multiple units to a single property.
The bank has extended its range of Bridging products to offer both Standard and Prime products. Standard is designed for loans for internal refurbishment, such as kitchen or bathroom renovations, and extensions including loft conversions; it will consider adverse credit applications. Prime is designed for straightforward loans where the applicant has clean credit and good habitable properties. Both products offer revised pricing.
Jon Hall, Managing Director, Masthaven said: “Whether it is improving, extending, developing or building, our Short-Term Lending solutions cater for a host of different individual borrower needs. As brokers work hard to service their clients, we have created a simple and flexible proposition to help them access our competitive products in a time efficient way.”
Masthaven’s Short-Term Lending solutions at a glance
- Light Development – suitable for small scale development projects, including conversion from commercial to residential property; and extensions not increasing square footage by more than 50%. Loans from £150,000 to £2,000,000.
- Standard Bridging – suitable for a diverse range of projects including refurbishments, property extensions; and adverse credit mean a more flexible solution for meeting clients’ needs. Loans from £100,000 to £3,000,000.
- Development Finance – suitable for ground up developments, self-build projects, barn conversions and large scale extensions. Loans from £150,000 to £2,000,000.
- Prime Bridging – suitable for straightforward applicants with clean credit. Loans from £100,000 to £5,000,000.
- First Charge Commercial – suitable for the purchase or remortgage of commercial property. Loans from £100,000 to £1,000,000.
NOTES TO EDITORS:
Light Development: Criteria: England, Wales (Scotland considered on a case by case basis). Minimum loan £150,000 (or £100,000 where purpose is completion work), maximum loan £2,000,000, up to 60% of purchase price; up to 100 % of build costs on a drawdown basis payable in arrears. Maximum loan to GDV 65% including interest rolled up. Key features: conversion of commercial properties into residential, conversion of single units into multiple units and conversion of multiple units into single units (maximum of four units apply to all); extensions that increase the square footage of the property by no more than 50%; and terms up to 12 months for regulated loans and 18 months for non-regulated loans.
Standard Bridging: Criteria: England, Wales (Scotland considered on a case by case basis), minimum loan £100,000, maximum loan £3,000,000, maximum LTV 65%, including rolled-up interest; adverse credit considered; short term finance including bridge to bridge considered. The maximum loan for second charge is £1,000,000. Key features: loans available for internal refurbishments including kitchens/bathrooms; extensions (including loft conversions) increasing the square footage of the property by no more than 25%); flats above commercial units considered; 2nd charge available with LTV of up to 60%. Terms up to 12 months for regulated loans and 18 months for non-regulated loans.
Development Finance: Criteria: England, Wales (Scotland considered on a case by case basis), Minimum loan £150,000 (£100,000 where purpose is completion of work), Maximum loan £2,000,000, maximum loan to GDV 60%, including rolled-up interest; Up to 50% of purchase price; up to 35% of purchase price for self-build; Up to 100% of build costs on a drawdown basis payable in arrears. Key features: loans available for ground up development, including self-build, barn conversions, extensions increasing the square foot of the property by more than 50% and terms up to 12 months for regulated loans and 18 months for non-regulated loans.
Prime Bridging: Criteria: England, Wales (Scotland considered on a case by case basis), minimum loan £100,000, maximum loan £5,000,000, maximum loan to value 70%, including rolled-up interest; up to 70% on remortgages. The maximum loan for second charge is £1,000,000. Key features: 2nd charges available for both regulated and non-regulated transactions with LTV of up to 65%, Terms up to 12 months for regulated loans and 18 months for non-regulated loans. Masthaven will not accept applicants with a recent adverse credit history (last 24 months), including missed mortgage payments and unsecured credit accounts or CCJs/defaults of more the £300. If an applicant has CCJs/defaults of less than £300 or that have been satisfied and are more than 36 months old, Masthaven will consider the application.
First Charge Commercial: Criteria: England, Wales (Scotland on a case by case basis), Minimum loan £100,000, Maximum loan £1,000,000, Maximum loan to value 60%. Key features: Terms up to 12 months for first charge regulated loans and 18 months for non-regulated loans.