21 January, 2015
Masthaven Secured Loans has relaunched its hybrid regulated second charge bridging product following a successful pilot scheme in 2014.
The revamped product offers loans of up to £250,000 to 65% LTV and provides advisers and their clients with a facility to access funds quickly with the underwriting emphasis on repaying the loan at exit.
Other improvements include a reduced lender fee of £995, no exit fees, unlimited adverse credit (if exit not refinance) and a rate reduction to 1.25% per month.
Andrew Bloom, managing director at Masthaven, said: “We believe this product really fills a need for many types of client, who have found their access to funding limited from traditional sources.
“This is a very adaptable facility, which can be used for anything from chain breaking and non structural property renovation to business funding.
“On a personal level, it is ideal for short term personal liquidity needs as well as being an effective tool for debt consolidation prior to the sale of the property.
“The key is in the way the repayments can be rolled up so that our main underwriting focus is then on ensuring, as diligently as possible, that the customer has a viable exit strategy through either more traditional refinancing or by sale of the property.
“In today’s market, with the continuing restrictions on affordability, our regulated product offers a sensible short term solution.”