Specialist Products Banks for all seasons As the market continues to improve and grow in the UK, with more and more Lenders entering into commercial, bridging, development and second charges, those that have been around a while are spreading their wings. We are beginning to see lenders such as Masthaven Bank and several others launch products into areas that are outside their traditional product offering. Lenders that have seen their initial growth from the likes of bridging and development finance, which requires a mindset of a fast turnaround and rapid response, have brought that same level of service to second charge lending, first charges and commercial mortgages. Together with the focus on speed of service has come an attitude of not following the herd. Masthaven’s first and second charge products are prime examples, where for example they do not use credit scoring to assess applications but often still achieve our ‘Best Buy’ product recommendation from our LoanQuote™ sourcing software. This is great news for us brokers, as it has usually been the case in the past of a long-term lender launching a short term product such as bridging, but not understanding the main concept of the product which is speed of service. CASE STUDY Need: Client was looking to purchase a flat for £230K, with a mortgage of £184K. Issue: Client is 64 with an unexpired lease of only 64 years. He was using his second job as income and using earned income to the age of 80. Solution: We carried out extensive lender research and the case was referred to the lender and accepted. The result: The offer was issued within 48 hours of receiving all of the relevant documentation. Feedback: Client was really happy as he was concerned that they would lose the property. He gave us five stars and said: “Thank you for all of your hard work. Excellent service.” Spotlight on Masthaven Masthaven received their banking license in 2016 but they’re not new. Far from it. They’ve got a track record in finance and providing class-leading short term bridging options, alongside offering secured lending since 2004. As a newly formed bank, Masthaven is committed to providing flexible and fixed term savings accounts, bridging loans, development finance and second charge mortgages that will disrupt the norm. They use technology to enhance processes but everything they do is underpinned by a flexible human approach, because they know people make much better decisions than a computer can. What our Introducer said... “Great, thank you.” Philip S-C., Broker What the customer said... “Extremely helpful and professional throughout the process.” Mr & Mrs M. www.SpecialistHub.co.uk 13
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