Combined entity will operate under legacy name
Non-bank specialist lender Spring Finance has finalised its acquisition of Masthaven Finance, with the combined entity set to operate under the Masthaven Finance brand.
The deal was led by Spring Finance’s chief executive and owner, Andrew Bloom (pictured), marking a return to the business he originally founded.
Bloom, who established Masthaven Group and Masthaven Bank in 2005, served as its majority shareholder and chief executive before selling his controlling stake in 2019 and stepping down in 2020. In October 2021, he acquired Spring Finance and has since expanded its operations, tripling business volumes and staff numbers while introducing new lending products and divisions.
In 2023, Bloom moved to acquire Masthaven’s remaining assets, completing the transaction in October 2024. As part of the deal, Masthaven transitioned back to a non-bank lender. The acquisition included the bridging and development finance loan book, intellectual property rights, and other tangible and intangible assets.
“This transaction has been two years in the making, and I’m delighted to have finally got this over the line,” Bloom said. “I founded Masthaven as its sole shareholder in 2005, transformed it into a full UK challenger bank in 2016 and sold it in 2019.
“To say I’m delighted to have got it back is an understatement. Combining it with Spring Finance is a natural fit, and it made sense to trade as Masthaven Finance. Myself, and the senior management team, are committed to returning Masthaven to its former position as one of the industry’s leading specialist finance lenders.”
Several former Masthaven employees have already joined Spring Finance, with more expected in the coming months. The new hires span multiple departments, including senior management, loan underwriting, and servicing.
The rebranded Masthaven Finance has outlined ambitious growth plans for 2025. Alongside the rebrand, the company has launched an expanded bridging and development finance product range. Other key initiatives include a new loan origination platform, a planned fifth institutional senior debt line by summer, a 50% increase in staff numbers, and relocation to larger offices by year-end.
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