The customer, Sarah Howard, wanted to use the funds from the sale of an inherited property to help her son buy a new home.
However, the property was subject to probate, which led to a delay in its sale.
“I wanted to help my son buy a house using funds from the sale of an inherited property, however, due to delays with that process, and the Covid-19 pandemic adding time pressure to his move, I needed to change the approach,” Sarah told B&C.
As the UK was on the cusp of lockdown, Sarah sought the advice of a financial adviser who recommended a bridging loan and referred her to specialist brokerage, Laybourne.
Liam Keighley, director at Laybourne, submitted an application for a bridging loan via Masthaven’s broker portal.
“I logged onto Masthaven’s broker portal, inputted the client’s details and had a DIP back almost immediately,” commented Liam.
“Masthaven sent instructions on how to pay the valuation, and I was then updated at every step of the case by Masthaven’s underwriter regarding the case’s progression and everything else required keep it moving.”
Masthaven reviewed the case and worked with the broker to close the deal within 10 working days of receiving the application, and within six days of receipt of the valuation report.
“Despite being in the middle of a pandemic, Masthaven proactively kept me updated to reassure me that the case was progressing without issue,” Liam added.
Sarah said that the process “couldn’t have been simpler”.
“There were some hurdles to overcome along the way, but the Masthaven team worked to ensure we got the finance through within a very tight timeframe,” she added.
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“They were courteous and efficient throughout the process — we very pleased with the end result.”
Alan Margolis, director of bridging at Masthaven (pictured above), stated the bank was happy to have been able to support the customer with her bridging loan — especially during the crisis.
“Coronavirus put much of the market on temporary hold, but we have seen a positive level of bridging activity over the past few months,” he noted.
“Masthaven is open for business, working with our intermediary partners to ensure customers have access to a variety of specialist finance options to meet their needs.”
The specialist bank’s bridging portal was launched in February to give brokers access to quick quotes, instant DIPs and the ability to apply online and track cases, and caused a 50% surge in new business applications when it was introduced.
In the latest issue of the Bridging & Commercial Magazine, an interview with Masthaven revealed that, since coronavirus hit, around 180 brokers had signed up to use it — close to 100 of which had never worked with the bank before.
“A lot of lenders talk about technology, but it can have faults and often needs human intervention,” explained Liam.
“Masthaven’s portal was straightforward, easy to use and delivered what it was meant to.”
The bank recently announced it would be accepting desktop AVMs on bridging finance cases up to 60% LTV and has increased the maximum loan amount from £500,000 to £1m on single or multiple properties.
It introduced AVMs for the first time this year on first-charge residential purchases, BTL remortgages and BTL purchases.