Masthaven is not a traditional bank, professing to offer digital human banking rather than a high street presence. Having been awarded their banking licence relatively recently in 2015, Masthaven has actually been offering secured lending and bridging loans since 2004. Offering a personalised and flexible approach to lending, they have recently branched out into other forms of banking product, now offering fixed term and flexible savings accounts as well as mortgages, development finance and bridging loans.
- Bridging finance loans – these short-term options are ideal when reliability and speed are the key. Suitable for use for interim funding on a property purchase or for debt consolidation, Masthaven offers several options to tailor to the needs of individual borrowers. Rates are competitive and begin with LTVS of up to 70%. There is a standard product which offers numerous options for covering refurbishments, extensions and loft conversions, with bad credit customers being considered. There is also a commercial bridging product which has been designed for the remortgage or purchase of semi-commercial or commercial property until a longer-term financing solution can be found.
- Development finance – for developers who are keen to begin a project, this product offers a more rapid access to loans. Suitable for extensions, ground up projects and conversions, light development product rates are available from 0.78% per month and with loans from £150,000 to £2 million. Up to 60% of the property's purchase price is available and the maximum loan to GDV is 65%. Standard product development rates begin at 0.95% per month with loans from £150,000 to £2 million. Up to 50% of the purchase price can be offered with maximum loans to GDV of 60%. Properties will be accepted anywhere in England or Wales, with properties in Scotland being considered.