Masthaven revamps bridging range

Masthaven has refreshed its short-term lending offering with reduced rates and an improved refurbishment product.

The news follows the announcement from the specialist bank that it closed a £60m investment from Värde Partners

Masthaven has reduced the rate on its prime bridging product to 0.48% up to 50% LTV, and 0.58% up to 60% LTV.

It has also cut the rate on its prime Bridging Plus offering to 0.48% up to 50% LTV, and 0.53% up to 60% LTV.

These rates are now available to the whole of market and come as part of its mission to level the playing field and make bridging fully accessible to the entire broker community.

Masthaven will now offer a refurbishment loan with a £2m max loan size.

It is available for the first time on its prime product and with enhanced criteria on standard.

The new prime proposition covers non-structural work, while the enhanced refurbishment on standard includes extensions up to 50% of square footage, loft conversions and the renovation of single units into multiple units (residential only, maximum four).

Other features include a top up on both the prime and standard products up to 100% of the cost of work, providing there is no LTV increase from the original advance.

James Bloom, managing director of short-term lending at Masthaven (pictured above), said: “As the bridging market continues to increase in size, so [do] the needs of brokers within this sector.

“That is why we have listened to our broker partners to offer Masthaven’s revamped and highly competitive bridging range.

“Offering our new refurbishment proposition and reduced rates to the whole of market is our way of providing brokers with both the confidence to recommend these products and maximum flexibility to cater for a wide range of client scenarios.

“We are positive that these decisions will be game changing for the sector as we continue to further develop our short-term lending proposition throughout the year.”

Commenting on the launch, Stephen Burns at Adapt Finance, said: “We’re delighted to see Masthaven roll out competitive, low-cost new bridging rates to the wider market.

“With the introduction of its new refurbishment feature, the lender rightly recognises that bridging finance is moving into the mainstream and is now a versatile lending stream for a whole range of different uses.

“We look forward to offering this exciting new bridging range to our customers.”

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