Saffron backs Masthaven with funding line
The extra funding will be for bridging loans, residential renovation and development lending.
Earlier this year Masthaven agreed a funding line from the William Pears Group, which is owned by the billionaire Pears’ brothers.
Andrew Bloom, managing director of Masthaven, said: “This is great news for Masthaven. The extra funding provided by Saffron will ensure that we continue to increase our product offering and our focus on residential renovation and development projects.”
And Jon Hall, CEO of Saffron, added: “We view bridging loans as being hugely important to the housing market.
“The bridging loans market is performing well and it is my hope that our funding will enable Masthaven to inject additional support in to this burgeoning market, assisting home buyers and movers for whom a bridging loan makes all the difference”.
Masthaven gained FSA authorisation at the start of 2011 while Saffron has 12 branches in the South East of England and has upwards of £1 billion under management.