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Masthaven completes £800,000 bridging case

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  • 09/04/2018
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Masthaven completes £800,000 bridging case
Specialist lender Masthaven has completed its first larger loan bridging case in a transaction worth £800,000.

 

The provider recently launched Bridging Plus, a service for clients offering loans up to £5m.

Working with Finance 4 Business (F4B), the bank has now secured the first of its high value bridges, in a complex case that required specialist underwriting.

Masthaven said the case highlighted its flexible approach, and was an example of broker and lender working together to get the best outcome for a client.

The case involved an experienced developer due to complete a site of four properties to sell on, who needed to raise £800,000 to move quickly on the purchase of two other potential sites.

James Bloom, Masthaven’s managing director of short term lending (pictured), said: “The case was far from straightforward – with the details of both the security and repayment strategy being complex.

“Completing our first Bridging Plus case shortly after the product’s launch on Valentine’s Day highlights the clear demand for our larger loans proposition.

“We were delighted to work with the F4B team on this case, bringing together our expertise, diligence and willingness to go above and beyond in order to deliver,” he added.

Masthaven agreed the facility and liaised with the valuer to confirm the planning conditions were adequate, delivering the case from start to finish in a couple of weeks.

Russell Martin, founder and managing director of Finance 4 Business, said: “This latest completion shows how efficiently brokers and lenders can work together to overcome obstacles to provide an excellent solution in a timely manner.”

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