Andrew Bloom (pictured), CEO and owner of Spring Finance, has completed his acquisition of Masthaven Finance, which from today (10th February) will trade as Masthaven Finance.
Bloom was the founder, majority shareholder and chief executive of Masthaven Group and
Masthaven Bank from 2005 to 2020, when he sold his controlling stake and stepped down.
In October 2021, he purchased Spring Finance, trebling both business volumes and headcount.
In 2023, Bloom had the opportunity to purchase the remaining assets of Masthaven, completing in October 2024.
As part of this transaction, Masthaven reverted to a non-bank lender.
The purchase comprised of the bridging and development finance loan book, intellectual property rights as well as other tangible and intangible assets.
As part of a wider transaction, a number of ex-Masthaven staff joined Spring, with more joining in the coming months, including staff in the loan underwriting and servicing divisions.
In addition to the rebrand, Masthaven has launched an enhanced bridging and development finance product range.
Further plans for 2025 include a loan origination platform for the mortgage and
secured loan division, a fifth institutional senior debt line planned for the summer, a 50% increase in headcount and a move to larger offices towards the end of the year.
Bloom said: “This transaction has been two years in the making, and I’m delighted to have finally got this over the line.
“I founded Masthaven as its sole shareholder in 2005, transformed it into a full UK challenger bank in 2016 and sold it in 2019.
“To say I’m delighted to have got it back is an understatement.
“Combining it with Spring Finance is a natural fit, and it made sense to trade as Masthaven Finance.
“Myself, and the senior management team, are committed to returning Masthaven to its former
position as one of the industry’s leading specialist finance lenders.”
Masthaven launched as a retail bank in 2016, prior to which it provided bridging loans and secured lending since 2005.
Spring Finance Limited was established in 2011 as a second charge mortgage lender, lending to
customers outside the tick-box criteria of the high street banks and building societies.
It is authorised and regulated by the Financial Conduct Authority (FCA) for regulated mortgage lending and administration and registered with them for consumer but-to-let (BTL) lending.
In March 2022, Spring entered the bridging and development finance market lending on a first and second charge basis with a mixture of regulated and unregulated loans.
Find out more in The Intermediary’s exclusive interview with Andrew Bloom, coming soon.
