Bridging Finance companies are no longer viewed as the lender of last resort, but a sensible way for clients to finance cases that fall outside the criteria of mainstream lenders.
Speed – Investors are increasingly using bridging loans as a useful way to expedite the completion of their proposed transaction. Masthaven regularly provides funds to clients within seven working days, but in urgent cases funds can be released within 48 hours.
Condition of property – Traditional lenders, especially on buy-to-let mortgages, will often put 100% retention on a mortgage if the property has no kitchen, no bathroom or is in poor condition. Masthaven does not operate this retention system and instead bases its lending on the value of the property in its current condition.
Chain breaking – You may have found your “dream house” but are unable to sell your current house within the necessary time frame. In these situations, Masthaven will provide a bridging loan secured against your current home in order for you to transfer your current residential mortgage to your new property. You will then repay the bridging loan from the proceeds that will be generated from the sale of your current home.
Non status – Masthaven is a property based lender. Income multiples and rental calculations do not form part of the underwriting process. Masthaven is also open-minded regarding your credit history.
Second charge lending – Masthaven is willing to provide loans even when there is an existing mortgage on the property. This service can be useful if you have a significant amount of equity in your property, require funds for a short period of time (less than one year) and would prefer a second charge loan rather than a remortgage or a further advance on your current mortgage.