"Our new Short-Term Lending solutions reflect feedback we’ve heard directly from our brokers in terms of their clients’ evolving needs"
According to the lender, the new solutions will 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.
New product
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.
Enhancements
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.
