Alan Margolis

Masthaven broadens bridging range with new products

Masthaven Bank has revamped its bridging offering with the addition of new refurbishment and mini bridging products.

The new refurbishment range, which includes a heavy refurb option, has been introduced to meet the high demand from the market and aims to help deliver greater clarity for brokers and customers, along with tailored pricing for different types of projects.

The mini bridging loan provides facilities between £200,000 and £300,000 and is designed for smaller, straightforward loans where time is of the essence.

The bank will continue to offer standard bridging for loans over £300,000, as well as its specialist bridging products, which are specifically designed for more complex cases or customers who have recent adverse credit history.

Brokers can access the new ranges through Masthaven’s broker portal, where they can get quick quotes, instant DIPs for straightforward cases, and credit-backed decisions for more complex cases.

This follows a number of  changes made by the lender early on in the Covid-19 pandemic in response to fluctuations in the market, such as modifying its AMV service to include cases of up to £1m at a maximum of 60% LTV.

Alan Margolis, director of bridging at Masthaven (pictured above), said: “During the pandemic, bridging has been a vital tool for homebuyers looking to complete purchases quickly but responsibly. 

“As we navigate a third national lockdown and enduring economic uncertainty, adapting our product offering is vital.
“These latest updates to our bridging range will allow us to be competitive in the market and offer great service as we work collaboratively during this challenging time. 

“Through our updated range and portal, we aim to make it is as simple and efficient as possible for brokers and borrowers to access the short-term lending solutions that are right for their individual needs.”  

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