Masthaven Secured Loans has secured a new funding line for an undisclosed amount from government-owned Royal Bank of Scotland.
Andrew Bloom, Masthaven’s managing director, said the new facility with RBS is “testament to the growing relationship and the quality of business” that Masthaven is writing.
He said: “We are delighted with the confidence being shown in us by RBS. It demonstrates RBS’s commitment to the secured loan market and their belief in the Masthaven Secured Loan proposition. We are keen to expand our penetration in the secured loan market and this is a welcome boost.”
Jon Sturgess, head of sales – secured lending at the short-term lender, added: “I know our introducers will be pleased with the result in terms of further improvement to our product range regarding price and criteria.”
An RBS spokesman said: “The secured loan market is very important to RBS and thus we were delighted to have supported Masthaven in the next stage of their growth plans. We look forward to further building our relationship with the business and management team.”
Chancellor George Osborne recently revealed government plans to sell its 80% stake in the Royal Bank of Scotland while the governor of the Bank of England Mark Carney said the phased sell-off “would promote financial stability” and benefit the wider economy.
The government provided RBS with a £45.5bn bailout in 2008.