"As the bridging market continues to increase in size, so does the needs of brokers within this sector. "
Masthaven has announced that its short-term lending offering has been "substantially revamped" with reduced rates for the whole of market and an improved refurbishment bridging feature.
Bridging rates are now available from 0.48% up to 50% LTV, with bridging Plus rates starting from 0.53% and standard rates from 0.58% up to 60% LTV.
Masthaven has also launched a refurbishment loan with a maximum loan size of £2 million, available for the first time on its Prime product and with enhanced standard criteria.
The new 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% of square footage, loft conversions and the conversion of single units into multiple units (residential only, maximum 4).
Other key features include a top up on both Prime and Standard products up to 100% of the cost of work, providing there is no LTV increase from the original advance.
James Bloom, managing director of short-term lending at Masthaven, said: “As the bridging market continues to increase in size, so does 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.
“Offering our new refurbishment proposition and reduced rates to the whole of market is our way of providing brokers with both the confidence to recommend these products and maximum flexibility to cater for a wide range of client scenarios. We are positive that these decisions will be game changing for the sector as we continue to further develop our short-term lending proposition throughout the year.”