Masthaven has launched a hybrid second charge short-term product aimed at clients in need of fast funding.

Described as a “unique fusion of bridging and secured loan” it is aimed at clients looking for funds to finance credit repair, the immediate payment of tax bills and school fees as well as many more traditional bridging finance applications.

Loans are available up to £250,000 and are secured against residential property with a maximum term 12 months. Applicants can have up to 6 units of adverse credit (depending on exit) and have the opportunity to refinance to a longer term with a secured loan.

Paul Brett, director of sales at Masthaven Secured Loans, said: “We are particularly proud to bring this new product to market, as it demonstrates how the bridging and secured loan sectors can cooperate to the advantage of the customer.

“This initiative plugs a gap that we identified with feedback from our bridging and second charge introducers.

“Masthaven is showing that innovation and lateral thinking in designing lending solutions will be at the heart of our strategy in 2014.”

Richard Deacon, sales director for Masthaven’s bridging division, added: “As a company, we are committed to being quick to recognise opportunities to offer innovative product solutions, and this new collaboration will be the first of a number of initiatives from Masthaven.

“Brokers look to lenders for different strengths and we are a company building a deserved reputation as a product ground breaker backed by a strong service ethic.”