Masthaven launches new and improved Consumer Credit short term bridging product – Secured Loan Directory.
Masthaven Secured Loans has relaunched its hybrid Consumer Credit regulated second charge bridging product, having run a successful pilot scheme in 2014.
The lender believes this is the first Consumer Credit regulated product where no monthly interest payments are needed throughout the term of the loan.
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 the means of repaying the loan at exit.
Main improvements include:-
- Interest can now be rolled up so there are no DTIR, affordability calculations or income checks.
- Underwriting focus is on the exit strategy.
- Reduced lender fee of £995.
- No exit fee.
- Unlimited adverse credit (if exit not refinance).
- Rate now reduced to 1.25% per month.
According to Managing Director, Andrew Bloom, the response to the original product was very positive, but the enhancements that have been launched this week now provide brokers with an amazingly effective tool, which can be used for any number of purposes.
He 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.”