Leading bridging lender expands their regulatory lending
Masthaven Property Lending Ltd, a subsidiary of Masthaven Group Ltd has obtained authorisation from the FSA for regulated mortgage contracts.
This additional regulated funding line will allow Masthaven to service the increasing number of regulated bridging loan enquiries that it receives from the intermediary market.
Linked with Masthaven’s application the multi award winning company was recently visited by the FSA who carried out a full inspection. This was to ensure Masthaven was treating customers fairly and their lending policies meet the high standards demanded by the FSA. Considering the problems other regulated lenders have had with the FSA it was reassuring that Masthaven’s new lending entity was granted authorisation within six months of its original application.
Richard Deacon, Sales & Marketing Director commented:
“This is fantastic news for the group. In recent times there have been many column inches written about the importance of your chosen bridging lender being regulated and hopefully this will keep us at the forefront of the introducers’ minds who write regulated bridging loans. It is no secret that we are aiming to increase the level of FSA regulated lending that we write, and with our recent increase in funding lines, award winning service, and “can do” attitude we are very well placed to achieve this”
This follows the recent announcement from the Bank of London and The Middle East (“BLME”), the largest Islamic bank in Europe whose main shareholders are Boubyan Bank and the Public Institution for Social Security, who announced a revolving Murabaha financing agreement with Masthaven Property Finance Limited (“Masthaven”), a subsidiary of Masthaven Group Limited.
The financing is for a term of three years and has been secured for the purpose of funding Masthaven’s bridge and short term property finance business.