Tag: Masthaven Bank
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.
The prime bridging plus is now 0.48% up to 50% LTV and 0.53% up to 60% LTV.
Masthaven Bank funders Mark Pears and family came 45th this year, up four spots from last year. They’re now worth £3.3bn, £55m more than last year. The family owns 12,000 properties worth £8bn, through the Telereal Trillium firm.
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Masthaven said the investment along with its existing capital base, will enable it to significantly increase lending to consumers and SMEs over the next three to five years as well as provide innovative deposit solutions to its customers.
James Bloom, managing director of short-term lending at Masthaven Bank, said borrowers have been opting for longer-term bridging deals for more certainty by looking for 18-month non-regulated loans for both bridging and development.
Under the terms of the latest agreement, the comprehensive VAS Panel database will be used on all commercial loan security valuations to ensure the most relevant third-party RICS-qualified surveyors are instructed based on location, deal type and value.
Bloom said: “We’re in a tough market with a number of mortgage lenders withdrawing from the market. When it’s more difficult to get traditional finance, people turn to alternatives and bridging comes into its own so brokers should definitely add this to their toolkit.”
To grow the market they called for more product innovation and education so more brokers see seconds as an option for clients.
Quinn joins from Secure Trust Bank where he was BDM for the bank’s central region. Prior to this, he was BDM at West Bromwich Building Society. Quinn is replacing Harriet Smith who recently joined Crystal Specialist Finance.