Masthaven, the UK bridging loans and development finance bank, has announced that it is temporarily increasing the minimum loan size across its bridging products from £200,000 to £300,000.
Chief commercial officer and deputy CEO at Masthaven, Jon Hall (pictured above), said the decision was made to help the bank protect its service levels during such a busy period and ensure it will still able to deliver effectively for its brokers and customers.
“Covid-19 has been a challenging time for everyone.
“At Masthaven, our focus has been on staying open for business and ensuring our teams are as accessible as possible.
“Our priority is still to give brokers and customers a service they can rely on and, in support of that, we have recently hired a new underwriter and are actively recruiting for other roles to support our service provision.”
Jon added that “the market is changing quickly” and that Masthaven would be reviewing its proposition as it continues to respond to market conditions as future industry changes take place.
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In a further message regarding the increase published on its website, Masthaven said: “We have seen demand for our products increase significantly and, at the moment, no doubt like you, we’re very busy – this therefore means that we’re taking a little longer to deal with things than usual.
“To help us help you it would be of great assistance if you could fully package your cases when you submit them to us.
“This will help with a much more efficient underwrite of the application when it lands on an underwriter’s desk.”
The news comes after Masthaven recently completed a £3.5m bridging loan in just five working days where the funding was required for a London-based customer to repay their existing mortgage and carry out refurbishment work on an £8m property.