Masthaven, the UK bridging loans and development finance bank, has made a number of changes to its bridging loan range, including the launch of their lowest ever bridging rate. Rates have been cut from 0.48% to start at 0.43% on their core bridging product.
Re-bridging is now available on this product, in addition to the existing re-bridging option on Specialist Bridging products, designed for complex cases and customers who have recent poor credit history.
In addition, Masthaven have made rate reductions to their recently launched refurbishment range, with rates now starting at 0.48%.
The Mini Bridge range has also been changed, with multiple properties now accepted. This range offers loans between £200,000 and £300,000 and is designed specifically for time critical, straightforward situations.
These products are all available via the Short Term Lending Portal from Masthaven, which offers 24/7 access to brokers and instant and credit-backed decisions in principle.
Alan Margolis, Director of Bridging at Masthaven, said: “The demand for bridging products has grown over the last year as borrowers and brokers alike have looked for short-term finance solutions that allow them the flexibility to navigate what has been a busy but sometimes difficult market.
Lockdowns, Stamp Duty deadlines and pandemic-induced chain breaks have all disrupted the traditional homebuying process and have meant that bridging finance has come into its own.
In February we revamped our bridging range to cater for this growing demand and to give borrowers the solutions they need to navigate an increasingly complex market.
Bridging is now truly a mainstream product and because of this we’ve made sure that our bridging rates are very close to those we offer on our traditional residential mortgages.
With the introduction of our lowest ever bridging rate and the changes to our lending criteria, we’re making Masthaven’s offering even more competitive and ensuring that we can provide more people with the finance that’s right for them.”
Original article featured here…
At the close of 2020, Masthaven published Broker Beat, which showed confidence among brokers for 2021; 256 intermediaries were surveyed and 71%, only a 6% fall from January of this year, are optimistic about the market in 2021.