Masthaven has successfully completed its first Bridging Plus case just weeks after the product was launched to the market.
Bridging Plus is Masthaven’s enhanced bridging loan product for its Premier Partners, offering larger loans from £750,000 up to £5m, reduced rates and a flexible and custom pricing structure.
Together with Finance 4 Business (F4B), the bank secured a bridge valued at more than £800,000 in a complex case which required specialist underwriting and an experienced team.
F4B approached Masthaven on behalf of an experienced developer due to complete a site of four properties to sell on.
The customer needed to raise £800,000 so they could move quickly on the purchase of two other potential sites whilst completing work on the existing site and getting sales through.
James Bloom, Masthaven’s managing director of short term lending, said: “The case was far from straightforward – with the details of both the security and repayment strategy being complex.”
Masthaven worked quickly and diligently to move the case through, agreeing the facility and personally liaising with the valuer to confirm the planning conditions were adequate, delivering the case from start to finish in a couple of weeks.
Russell Martin, founder and managing director of Finance 4 Business, said: “This latest completion shows how efficiently brokers and lenders can work together to overcome obstacles to provide an excellent solution in a timely manner.
“F4B’s James Danks managed the case through to completion and James Bloom of Masthaven demonstrated great understanding of the case to find a very quick solution to a potential problem just prior to completion.
“This is another example of a relationship that grows from strength to strength.”
Bloom added: “Completing our first Bridging Plus case shortly after the product’s launch on Valentine’s Day highlights the clear demand for our larger loans proposition.
“This case shows Masthaven’s hands-on, collaborative approach as our team out on the road liaised with both myself and our underwriters to drive this through.
“We were delighted to work with the F4B team on this case, bringing together our expertise, diligence and willingness to go above and beyond in order to deliver.”