Category: Bridging
Masthaven said the investment along with its existing capital base, will enable it to significantly increase lending to consumers and SMEs over the next three to five years as well as provide innovative deposit solutions to its customers.
It has also hired Sakina Yusufali as loan partner within the commercial and bridging department, taking over from Sutton who spent five years in the role.
Bentley has worked in the Mortgage industry for over twelve years with most of his career spent in broking. He has a wide range of experience dealing with residential, buy to let, commercial, international and bridging finance.
These loans are secured exclusively against luxury assets, enabling borrowers to access working capital and achieve their goals without having to rely upon traditional bank funding or bricks and mortar security.
In addition, Tuscan Capital will now consider funding applications for commercial property, buy-to-let portfolios and for land with planning consent.
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Available for a flat rate of 0.67% per month, the product has a choice of a nine or 12-month term, with an ERC period of three months.
The 12-month bridging loan will give the developer ample time to sell the remaining 15 flats in a 24-flat high-end luxury scheme in Felixstowe.
The oversubscribed deal included £202.2m of note, equivalent to 87% of the pool, rated Aaa/AAA by Moody’s and DBRS.
James Bloom, managing director of short-term lending at Masthaven Bank, said borrowers have been opting for longer-term bridging deals for more certainty by looking for 18-month non-regulated loans for both bridging and development.