The deal is a 70% LTV residential product loan on a property located less than half a mile from the University of Central Lancashire campus in Preston.
This follows the provision of direct access to its eight mandated underwriters and the creation of different specialist teams for development lending and traditional bridging activities.
Masthaven’s regulated and non-regulated products include a Prime Bridging Plus product at 0.48% up to 50% LTV and 0.53% up to 60% LTV. Meanwhile the Prime Bridging mortgage now stands at 0.48% up to 50% LTV, 0.58% up to 60% LTV.
The range includes standard and specialist products that are initially available through a select number of launch partners including Enterprise Finance, Vantage Finance, Brightstar, Dynamo and Connect for Intermediaries – with wider distribution in the near future.
These will apply to residential, retail, commercial properties and land. Borrowers can use the loans for property purchase, refinance and an array of other business purposes, including debt consolidation and covering cashflow.
The farmer required finance to buy the land but wanted the ability to quickly sell some land for residential development and convert many of the outbuildings for residential use and then sell them.
Bennett, Johnson and Ellis-Calcott are all partners of the brokerage that aims to support property investors and developers.
The prime bridging plus is now 0.48% up to 50% LTV and 0.53% up to 60% LTV.
Amongst other things, the rules allow single-storey rear extensions up to six metres beyond the original house for terraced or semi-detached homes, or eight metres for detached homes, without a full planning application.
Erna Group has appointed Stephen Hogg as chief operating officer while West One Loans has hired Phill Tyson as underwriting risk manager.