Spring and Masthaven have combined and will trade as Masthaven Finance with immediate effect.

Andrew was the founder, majority shareholder, and CEO of Masthaven Group and Masthaven Bank from 2005 to 2020, before selling his controlling stake and stepping down as CEO from the firm.

He went on to purchase Spring Finance in October 2021.

The opportunity to purchase the remaining Masthaven assets arose during 2023, with the transaction completing in October 2024.

Masthaven reverted to a non-bank lender as a fundamental part of the transaction.

The purchase comprised the bridging and development finance loan book, intellectual property rights, as well as other tangible and intangible assets.

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A number of ex-Masthaven staff joined Spring as part of a wider transaction, with others set to join in the coming months.

Along with the acquisition and subsequent rebrand, an enhanced bridging and development finance product range has been launched today (10th February).

For 2025, the firm also plans to introduce a new loan origination platform for the mortgage and secured loan division, a fifth institutional senior debt line planned for the summer, a 50% increase in head count, and a move to “significantly” larger offices towards the end of the year.

Commenting on the purchase, Andrew said: "This transaction has been two years in the making, and I’m delighted to have finally got this over the line.

“I founded Masthaven as its sole shareholder in 2005, transformed it into a full UK challenger bank in 2016, and sold it in 2019. To say I’m delighted to have got it back is an understatement.

“Combining it with Spring Finance is a natural fit, and it made sense to trade as Masthaven Finance.

“Myself, and the senior management team, are committed to returning Masthaven to its former position as one of the industry’s leading specialist finance lenders.”