The move sees the total number of secured lenders on Promise’s system rise to 16, which the firm says makes it the most diverse secured loan panel in the UK.
This follows the addition of two other lenders, and is expected to be followed by new product launches in early September.
Steve Walker, managing director of Promise, said that the move would bring increased competition between lenders using his firm’s platform.
“We already have a relationship with the bridging team at Masthaven and find their process and service excellent. We therefore have high hopes that Masthaven will quickly establish itself as one of the main lenders as its products develop.
“The new products fill some useful niches for our introducers, particularly regarding second charges on buy-to-let, which is an area I see as an opportunity for other second charge lenders. Masthaven also brings competition to the market from a lender with high aspirations which has got to be good news.”
Stuart Aitken, COO at Masthaven Secured Loans, added: “Masthaven is initially rolling out to a small number of partners, but recognises the importance of making our loans available to the mortgage intermediary market and of having a presence on the key loan sourcing portals.
“Promise is a leading provider of free loan sourcing technology for mortgage brokers, and we are delighted to be able to offer our secured loan products through their system.”
