Masthaven completes £193m lending in first year

The figure was dominated by its bridging and commercial operation, which lent a combined £145m in 447 loans.

The remaining £48m went through 509 loans completed by its first and second charge business.

In all, Masthaven completed 377 bridging loans amounting to £122.4m, with a further £22.5m lent to 70 SME house builders.

This was on the back of 863 applications worth £265.2m.

For first and second charge mortgages, 1,239 applications were received with a value of £148.3m.

Challenge the sector

On the savings side, Masthaven reported 6,162 new savers with £252.5m worth of savings, or an average customer account balance of £41,000.

Reflecting on the first year as a bank, Masthaven managing director Jon Hall (pictured) said he was delighted to have raised £250m in retail deposits.

“In our lending divisions, the transition to a bank has enabled us to offer a powerful range of lending solutions – from bridging and development finance, to both second and first-charge mortgages.”

He added: “Looking ahead, Masthaven will continue to review and challenge the lending sector in 2018.”