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Masthaven cuts bridging rates and offers refurbishment loan up to £2m

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  • 03/06/2019
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Masthaven cuts bridging rates and offers refurbishment loan up to £2m
Masthaven Bank has cut its bridging rates and will offer a refurbishment loan with a maximum loan size of £2m.

 

The prime bridging plus product stands at 0.48 per cent up to 50 per cent loan to value (LTV) and 0.53 per cent up to 60 per cent LTV. For its prime bridging range, rates stand at 0.48 per cent and 0.58 per cent in the same LTV brackets respectively.

The prime proposition covers non-structural work including kitchens, bathrooms, heating, wiring, windows, doors and roof coverings.

The enhanced refurbishment criteria on standard includes extensions up to 50 per cent of square footage, loft conversions and the conversion of single units into multiple units.

James Bloom, managing director of short-term lending at Masthaven (pictured), said: “As the bridging market continues to increase in size, so do the needs of brokers within this sector. That is why we have listened to our broker partners to offer Masthaven’s revamped and highly competitive bridging range.

“We believe that bridging products should be a core part of every broker’s toolkit and recognise that in an increasingly diverse lending world, brokers need a range of short-term solutions supported by excellent service and competitive rates.”

Stephen Burns at Adapt Finance said: “We’re delighted to see Masthaven roll out competitive, low-cost new bridging rates to the wider market. As a leading provider of short-term finance, Masthaven is always listening to brokers and reviewing its product suite accordingly – this latest change is testament to that.

“With the introduction of its new refurbishment feature, the lender rightly recognises that bridging finance is moving into the mainstream and is now a versatile lending stream for a whole range of different uses. We look forward to offering this exciting new bridging range to our customers.”

 

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