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Tag: Masthaven Bank

The tool has been developed and used internally by SMG over the last year and is now being offered for free to other second charge loan packagers.

The bank already operates in the bridging and second charge markets – and after launching its residential offering today the plan is to retain the focus on getting deals over the line quickly.

Through Clever brokers will be able to access Masthaven’s specialist residential, commercial and bridging products.

Masthaven Bank launches

The bank will launch into the mortgage market in full in early 2017 after revealing details of its development finance and bridging ranges today.

reduced income

Masthaven Bank wants to lend by the end of 2016.

Ilsen said a direct replacement won’t be made and it will be “business as usual” for the lender, while Ross said Bloom represents one of the many successful young entrepreneurs the business has trained in its 80 year history.

Hall said around 80% of Masthaven’s employees will have already benefited by the time the bank is open for business, although staff will get a varying number of shares based on their position.

The new bank will be majority-owned by founder and majority shareholder Andrew Bloom, with the remaining ownership held by the billionaire Pears family and Masthaven’s employees.