Masthaven plans to enter the secured loans market this spring under the brand Masthaven Secured Loans.
The lender said it aims to gain market share in a relatively subdued market by competitively pricing products to clients.
It is planning to offer second charge loans from £5,000 to £100,000.
Heading up Masthaven Secured Loans is the company’s chief operating officer Stuart Aitken.
Aitken recently joined Masthaven from Exogene but is better known for his time as chief operating officer of Concert Mortgages and director of credit at Southern Pacific Mortgages.
Andrew Bloom, managing director of Masthaven, said: “I am delighted that Stuart has agreed to join Masthaven; his experience and expertise will greatly enhance Masthaven’s entrance into the secured loan market.”
Aitken added: “I am thrilled to have this exciting opportunity to build a new secured lender founded on Masthaven’s excellent existing reputation.”
