The larger short-term loans are for residential purchases and remortgages and are available throughout England and Wales. The maximum loan to value on these larger loans is 65%.
There are no upfront administration fees payable, combined with daily interest and no exit fees.
Richard Deacon, sales and marketing director at Masthaven, said: “Masthaven is going from strength to strength. This latest addition to our offering just proves that we are growing in all the right areas.
“The investment from the William Pears Group has really boosted out appetite to lend, and the fact that we can now lend up to £5m on residential property at up to 65% is a huge plus for myself and the rest of the sales team.”
Fahim Antoniades, group director at Mortgage Centre IFA, said: “There’s quite a lot of activity in the prime central London area and while there’s a lot of news about how stagnant property movement is, that doesn’t seem to be much of a problem in the prime central location areas.
“So if you want to capture that more premium business in the prime central location you’ll have to set your bar just that bit higher which is what Masthaven is trying to do with the increase in its loan size. It’s a good move and it shows that for the bridging sector there are larger opportunities out there.”
