Masthaven targets market gaps with upcoming product launches

The lender is “targeting gaps in the market” and demand is strong, short-term lending managing director James Bloom told Specialist Lending Solutions.

He said the lender is preparing for an exciting and challenging year ahead with a focus on innovation and further recruitment.

Bloom would not drop any hints on new products in the pipeline, but said development finance has been one of the strongest growing areas in recent months.

He also said there is a gap in the market for multi-step loan products, which sit between short and long-term lending.

The lender turns to brokers for market research on where the opportunities lie, according to Bloom.

Speaking at The Specialist Lending Event, Masthaven managing director of mortgages Matt Andrews hinted the lender was considering older self-employed borrowers.

Maintain risk profile

Since launching as a retail bank in 2016, Masthaven has been able to access lower cost funding, giving it more freedom to expand its lending arm.

However, the lender is not looking to move up the risk curve – instead refining the products it already has, according to Bloom.

He expects more lenders and more products to enter into the short-term lending market in 2018.

But Masthaven is focussed on disrupting big lenders, by offering cheaper, better and quicker propositions.

Bloom said: “We don’t chase risk… We focus on speed and service and providing clarity on decisions.

“As a short-term lender we’re asking how we can meet the needs of customers with personal service and speed.”