The product has been designed for small-scale development projects, such as commercial-to-residential conversions and changing a single unit to multiple units (maximum of four) and vice versa.
The light development loans can range from £150,000 (or £100,000 for completion work) to £2m, with a maximum loan to gross development value at 65%.
James Bloom, managing director of development finance at Masthaven (pictured above), said: “Our new short-term lending solutions will help brokers provide better service for their clients’ evolving needs.
“We already offer competitive development finance products, and our new light development and enhanced bridging products extend our capability to help smaller-scale projects, offering access to development finance to more borrowers.
“We are passionate supporters of small housing developers and this is our response to help meet their customer’s evolving needs.”
Masthaven has also introduced both standard and prime bridging products.
Standard products – which can be used for internal refurbishments – range from £100,000 to £3m and at a maximum LTV of 65%.
The prime bridging product is suitable for applicants with good credit and habitable properties with loans from a minimum of £100,000 to a maximum of £5m with a maximum LTV of 70%.
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Jon Hall, managing director of Masthaven, added: “Whether it is improving, extending, developing or building, our short-term lending solutions cater for a host of different individual borrower needs.
“As brokers work hard to service their clients, we have created a simple and flexible proposition to help them access our competitive products in a time-efficient way.”
Masthaven’s short-term lending solutions:
• Light development – suitable for small scale projects, including conversion from commercial to residential property, and extensions increasing square footage by no more than 50%. Loans from £150,000 to £2m
• Standard bridging – suitable for a diverse range of projects including refurbishments, property extensions; and adverse credit mean a more flexible solution for meeting clients’ needs. Loans from £100,000 to £3,000,000
• Development finance – suitable for ground up developments, self-build projects, barn conversions and large-scale extensions. Loans from £150,000 to £2m
• Prime bridging – suitable for straightforward applicants with clean credit. Loans from £100,000 to £5m
• First charge commercial – suitable for the purchase or remortgage of commercial property. Loans from £100,000 to £1m.