Speaking to Bridging & Commercial, Alan Margolis, credit and operations director for the short-term lending side of the business (pictured above), said it would start to make adjustments soon.
“We will start to implement some significant changes in the near future, I would like to think.
“We want to make sure these changes are done properly.
“As a bank, we have to go through a proper process to change things, but we hope that in the near future, there should be some significant changes to the process.”
Alan joined Masthaven in April and his role will see him involved in the bank’s key credit decisions, which will include reviewing underwriting processes, innovating broker journeys and communication, driving product updates and supporting the bank’s short-term lending decisions.
He hopes that the changes to the underwriting process will make for a better and smoother process for everyone.
“It is to improve the journey for two distinct groups of people.
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“One is our customers and brokers, which is critical.
“The other one is internal – our people – to make sure we work smartly.”
Bridging & Commercial also spoke to James Bloom, managing director of short-term lending at Masthaven, who explained some of the plans the bank has in the pipeline.
The bank’s short-term lending division consists of about 35 people and will continue to grow, likely adding 10 new people this year depending on business volumes.
“The bank as a whole is growing quickly, looking to add another 100-200 people over the next few years.”
“We are also looking to revamp our commercial bridging proposition.
“We want to build on the success that we’ve had, so we recently put bridging plus – for loans over £750,000 – out to the whole of the market so there will be further work to do on that.
“We are always looking to innovate and our development products will definitely be under review as well.
“They are going really well, we’ve got full development, light development and that will be something we look at just to make sure that is still performing as well as it could.
“What we do is carry out research in the market to make sure there is a need for innovation and to ensure our products are fit for purpose.”