We've completed our largest ever second charge loans
Masthaven Bank has completed two of its largest ever second charge loans in less than a month of one another.
The first, introduced by The Loan Partnership, totalled nearly £600,000 and went from Masthaven receiving the case to final offer in less than a week. The offer, including fees, was secured against an LTV of 65% and was successfully completed in just six days.
This agreement was then topped a few weeks later by a case introduced by Y3S Loans, whereby a client needed a fast turnaround on a refinance on their existing loan, plus additional borrowing, to secure a holiday home in France.
Secured against an LTV of 65%, the offer, including fees, totalled just over £700,000 and went from case to offer in just two and a half days. This is a record-sized loan, completed in record-time for the specialist lender. Whilst cases like these can often be time-consuming, in both instances, competent packaging and proactive communication meant the loans could be processed with incredible speed and efficiency.
The news follows a positive start to the second half of the year for Masthaven's long-term lending division, which has seen impressive growth since the bank gained its retail banking license in April 2016. Updates at the bank include recent enhancements to its long-term lending product range, including the launch of a first-charge residential three-year fixed rate mortgage, and follow partnerships with TMA Club, Intrinsic Financial Services, SimplyBiz and Brilliant Solutions.
Dan Miller, Underwriting Manager at Masthaven, says: "Both of these cases were processed seamlessly and are testament to our strong relationships with our partners. The Loan Partnership and Y3S provided us with detailed customer data before the cases were submitted and their excellent packaging skills meant the cases sailed through to offer.
"Both customers were absolutely delighted that we managed to turn the offers around so quickly and praised Masthaven's bespoke and flexible approach to lending. When presented with large cases such as these, we always consider each customer's needs and look for ways to say 'yes' – in these cases it was a super-speedy yes!"
Andy Pelley, Director, The Loan Partnership, says: "It is cases such as these, where we can look back and reflect on such a strong piece of teamwork between ourselves, Masthaven and the customer, that shows lending at its finest. We are really pleased with the outcome and all that we achieved for our customer. The quality of support and speed of response that we received from Masthaven was excellent and we are delighted we were able to introduce the customer to one of the most popular lenders in the market."
Barney Drake, Managing Director, Y3S Loans, says: "This application is a prime example of how the use of a specialist mortgage broker such as Y3S, packaging for an outstanding lender such as Masthaven, results in a great customer outcome. Our rapid response team played a huge part in this, personally delivering and collecting all necessary documents – the only packager in the industry to offer such a facility as standard. Our high net worth customer was delighted they were able to purchase a property abroad at the lowest rate in the market, with no early redemption charges – thanks to Masthaven for the great teamwork."