These bridging loans have all been arranged since the lockdown and social distancing measures came into effect.
Founder Andrew Bloom steps back from day-to-day involvement in the bank and moves to a NED position on the Masthaven board.
The ASTL wants to contribute to any discussions regarding the SME lending market.
United Trust Bank’s bridging team has completed a bridging loan in six working days despite the challenges presented by the Covid-19 lockdown.
Mortgage Introducer has seen one site where firms associated with the UK bridging industry are charging fees of anywhere between £495 and £4,995 for advice on accessing the scheme and the submission of an application.
Having initially engaged with a mortgage provider, the client came to MFS when challenges posed by COVID-19 meant the finance would not be ready in time.
Earlier this year, UTB introduced facial recognition ID verification via the UTB Nivo app.
Under the offering, all valuation bases are to be provided on the special assumption of normal market conditions as were prevailing as of March 1, 2020.
The ASTL said lenders were finding innovative ways to keep lending.