The specialist bank has reduced rates for prime Bridging Plus products, while a flexible, custom-pricing structure will be available for standard Bridging Plus products.
The maximum loan amount is £5m on a first charge and £2m on a second charge.
Monthly rates for prime Bridging Plus products start at:
- 0.48% up to 50% LTV
- 0.58% up to 60% LTV
- 0.68 up to 65% LTV
- 0.78% up to 70% LTV
Masthaven has increased its commission on this product from 2% to 2.5%.
The products also provide brokers with access to a dedicated team headed by James Bloom, managing director of short-term lending at Masthaven (pictured above), and will initially only be available via Masthaven’s premier partners, including SPF Short Term Finance.
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James said: "It may only be a year since Masthaven Bank launched, but we have a rich heritage in the property loans market and have quickly built a reputation for being a bank that listens to the needs of customers and advisers.
“The launch of this new larger loans bridging product renews our commitment to introducing inventive solutions that address gaps in the bridging market and meet the ambitions of borrowers up and down the country.
“Not only does it offer our broker partners leading commission, but also gives them access to a team of specialists and either reduced or bespoke pricing solutions for their clients.”
Andre Bartlett, director at SPF Short Term Finance, added: “Masthaven [is], again, trailblazing for the broker.
“It is refreshing to work with an organisation that seeks feedback from its intermediaries in order to develop and offer products to meet the needs of both brokers and customers alike.
“At SPF Short Term Finance, we specialise in larger loans, making this an ideal product for us.
“I am confident our clients will benefit from the launch of this product and I look forward to including Bridging Plus as part of our offering.”