The light development finance product is the first of its kind for the lender and has been designed for “small-scale development projects, such as converting commercial property to residential property and changing single units to multiple (maximum four) and/or multiple units to a single property.”
The bank has also extended its range of bridging products to offer both standard and prime products. Standard is designed for loans for internal refurbishment, such as kitchen or bathroom renovations and adverse credit applications will be considered. Prime is designed for straightforward loans where the applicant has clean credit and “good habitable properties”.
Richard Deacon (pictured), sales director at Masthaven said: “Our new short-term lending solutions reflect feedback we’ve heard directly from our brokers in terms of their clients’ evolving needs. They want simple, flexible, swift solutions, so we’ve simplified our proposition to set a new standard for the short-term lending sector. We recognise that time is of the essence in the short-term lending market, and brokers need access to competitively priced lending. So we are bringing together a suite of products with a broader range of criteria, serviced quickly and professionally through our highly skilled team of business development managers and underwriters.
Jon Hall, managing director at Masthaven, added: “Whether it is improving, extending, developing or building, our short-term lending solutions cater for a host of different individual borrower needs. As brokers work hard to service their clients, we have created a simple and flexible proposition to help them access our competitive products in a time efficient way.”