Masthaven Bank has made changes to its current bridging range to provide more options for brokers and customers with the introduction of new refurbishment and Mini Bridge ranges to its existing suite of bridging products.
The separate refurbishment range has been introduced to meet high demand from the market and includes a heavy refurbishment option. The new range aims to help provide greater clarity for brokers and customers along with tailored pricing for different types of refurbishment projects.
The bank has also introduced a Mini Bridge product for loans between £200,000 and £300,000, designed for smaller straightforward loans where time is of the essence.
The bank continues to offer its standard Bridging products for loans over £300,000, as well as its Specialist Bridging products, which are specifically designed for more complex cases or customers who have recent adverse credit history.
Masthaven made a number of product changes early on in the Covid-19 pandemic to respond to fluctuations in the market and protect customers and brokers, many of which will continue into 2021. These include an AVM capability for bridging loans up to a maximum £1m at a maximum LTV of 60%.
Alan Margolis, director of bridging at Masthaven, said: “During the pandemic, bridging has been a vital tool for homebuyers looking to complete purchases quickly, but responsibly. As we navigate a third national lockdown and enduring economic uncertainty, adapting our product offering is vital.
“At Masthaven, we want to respond positively to changes in the market and rising demand. These latest updates to our bridging range will allow us to be competitive in the market and offer great service as we work collaboratively during this challenging time.
“Brokers can access our new product range through our Broker Portal where they can get quick quotes, instant Decision in Principles for straightforward cases and credit backed decisions for more complex cases and apply online. Through our updated range and portal, we aim to make it is as simple and efficient as possible for brokers and borrowers to access the short-term lending solutions that are right for their individual needs.”
