Masthaven has launched Bridging Plus – new larger loans bridging products for loans over £750,000.
Rates have been reduced for prime Bridging Plus products with monthly rates starting from 0.48% up to 50% LTV, 0.58% up to 60% LTV, 0.68% up to 65% LTV and 0.78% up to 70% LTV.
Masthaven says a “flexible, custom pricing structure” will be available for Standard Bridging Plus products.
The new Bridging Plus proposition also provides brokers with access to a dedicated team headed by James Bloom, Masthaven’s managing director of short-term lending.
Bridging Plus will initially be available via the bank’s premier partners and will offer a dedicated underwriting team.
Bloom said: “It may only be a year since Masthaven Bank launched, but we have a rich heritage in the property loans market and have quickly built a reputation for being a bank that listens to the needs of customers and advisers.
“The launch of this new larger loans bridging product renews our commitment to introducing inventive solutions that address gaps in the bridging market and meet the ambitions of borrowers up and down the country. Not only does it offer our broker partners leading commission, but also gives them access to a team of specialists and either reduced or bespoke pricing solutions for their clients.”
Andre Bartlett, director of SPF Short Term Finance, added: “Masthaven are, again, trailblazing for the broker. It is refreshing to work with an organisation that seeks feedback from its intermediaries in order to develop and offer products to meet the needs of both brokers and customers alike.
“At SPF Short Term Finance, we specialise in larger loans making this an ideal product for us. I am confident our clients will benefit from the launch of this product and I look forward to including Bridging Plus as part of our offering.”