Masthaven Bank has revamped its short-term lending offering by reducing whole of market rates and refreshing its refurbishment bridging range.
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.
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.”
Masthaven will now offer a refurbishment loan with a maximum loan size of £2m, available for the first time on its Prime product and with enhanced criteria on Standard.
The Prime proposition covers non-structural work including kitchens, bathrooms, heating, wiring, windows, doors and roof coverings. The enhanced refurbishment criteria on Standard includes extensions up to 50% of square footage, loft conversions and the conversion of single units into multiple units (residential only, maximum four).
Bloom added: “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 said: “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.”