Development launch

Challenger bank launches development finance offering

Challenger bank Masthaven has launched its new development finance division.

Led by managing director of development finance James Bloom, the new development team will now offer competitive lending products of up to 50% on purchases, up to 100% of build costs and up to 60% of the GDV, including rolled up interest.

The announcement coincides with the lender’s entry into the retail banking market on 28th November.

“The UK has a critical housing shortage and we are proud to offer new development finance products to support SME housebuilders to help address the UK’s housing gap,” James explained.

“As we become a bank, brokers and developers can be reassured that while they will continue to receive the same exceptional service they expect from Masthaven, they will now benefit from more favourable lending rates.”

The new division will lend across both England and Wales, while Scotland will be considered by exception.

Loans range from £150,000 up to £2m, although slightly larger cases will be considered.

Masthaven will offer £100,000 where the purpose is completion of work. 

Terms will be from 12 months for regulated loans and 18 months for non-regulated loans.

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