Masthaven, the UK bridging loans and development finance bank, has lowered the minimum loan size across its bridging, specialist bridging and refurbishment range to £200,000, down from £300,000.
Rates for bridging loans at £200,000 now start at 0.43%, a decrease of 0.15% and the lowest ever bridging rate from the specialist lender.
Masthaven are also introducing dual legal representation for their bridging products. This will make the legal process more streamlined and affordable for borrowers, helping customers to access bridging finance more efficiently.
Richard Deacon, sales director at Masthaven, said: “Bridging finance has grown in popularity over the last year as borrowers and brokers alike have looked for short-term finance solutions to help them navigate a busy market which has been operating at unprecedented levels since summer last year. The challenges over the last 18 months, as well as the stamp duty holiday, have all made the traditional homebuying process more difficult and have highlighted the value of bridging finance.
“Today’s changes are designed to cater for this growing demand and allow more customers to access bridging finance solutions easily and at rates close to those we offer on our traditional residential mortgages. Bridging finance is no longer an option of last resort and we’re confident that the product updates we have made today will provide a greater number of customers with the finance that’s right for them.”
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Masthaven recently appointed Shelley Connelly as short-term lending director. This new role will encompass lending and credit operations, with the aim of improving processes for brokers.