Specialist bank Masthaven Bank has reduced bridging rates and will now offer a refurbishment loan with maximum loan size of £2m.
The prime bridging plus is now 0.48% up to 50% LTV and 0.53% up to 60% LTV. For its prime bridging range there’s a 0.48% up to 50% LTV and 0.58% up to 60% LTV.
James Bloom, managing director of short-term lending at Masthaven, said: “As the bridging market continues to increase in size, so does the needs of brokers within this sector.
“That is why we have listened to our broker partners to offer Masthaven’s revamped and highly competitive bridging range.
“We believe that bridging products should be a core part of every broker’s toolkit and recognise that in an increasingly diverse lending world, brokers need a range of short-term solutions supported by excellent service and competitive rates.
“Offering our new refurbishment proposition and reduced rates to the whole of market is our way of providing brokers with both the confidence to recommend these products and maximum flexibility to cater for a wide range of client scenarios.
“We are positive that these decisions will be game changing for the sector as we continue to further develop our short-term lending proposition throughout the year.”
Stephen Burns at Adapt Finance added: “We’re delighted to see Masthaven roll out competitive, low-cost new bridging rates to the wider market.
“With the introduction of its new refurbishment feature, the lender rightly recognises that bridging finance is moving into the mainstream and is now a versatile lending stream for a whole range of different uses. We look forward to offering this exciting new bridging range to our customers.”
The refurbishment loan is available for the first time on its prime product. The new prime proposition covers non-structural work including kitchens, bathrooms, heating, wiring, windows, doors and roof coverings.
The loan is also available on its standard range with the criteria changed. It includes extensions up to 50% of square footage, loft conversions and the conversion of single units into multiple units for residential only with a maximum of four.
Other key features include: top up on both prime and standard products up to 100% of the cost of work, providing there is no LTV increase from the original advance and surveyor’s inspection and quick release of funds.