James Bloom

Masthaven completes its first Bridging Plus loan

Masthaven has completed its first Bridging Plus case after an experienced developer secured a loan valued at more than £800,000 at 27% LTV from the specialist bank.

The bank’s Bridging Plus product was launched in February and offers larger bridging loans from £750,000 up to £5m.

Masthaven was approached by Finance 4 Business on behalf of an experienced developer who was due to complete a site of four properties to sell on.

The developer required £800,000 to move quickly on the purchase of two other potential sites while completing work on the existing site and getting sales through.

“The case was far from straightforward – with the details of both the security and repayment strategy being complex,” explained James Bloom, managing director of short-term lending at Masthaven (pictured above).

Masthaven worked quickly to move the case through, agreeing the facility and personally liaising with the valuer to confirm that the planning conditions were adequate, allowing the case to be completed within a couple of weeks.

Russell Martin, founder and managing director at Finance 4 Business, said the latest completion showed how efficiently brokers and lenders could work together to overcome obstacles. 

“[Finance 4 Business’s] James Danks managed the case through to completion and James Bloom of Masthaven demonstrated great understanding of the case to find a very quick solution to a potential problem just prior to completion. 

“This is another example of a relationship that grows from strength to strength.”

James added: “This case shows Masthaven’s hands-on, collaborative approach as our team out on the road liaised with both myself and our underwriters to drive this through. 

“We were delighted to work with the [Finance 4 Business] team on this case, bringing together our expertise, diligence and willingness to go above and beyond in order to deliver.”

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