Challenger bank Masthaven has completed its largest bridging loan since gaining its banking licence .
Only Bridging – which was acquired by Loan.co.uk in November – turned to Masthaven to secure £5m at 51% LTV for a client.
The specialist bank agreed to secure the loan against a £12m London townhouse with the primary exit the sale of a £30m painting which is due to be auctioned.
Andrea Juniper, managing director of Only Bridging (pictured above, right), said that being part of Loan.co.uk has allowed it to extend its service to an ever-growing network of introducing brokers.
“We are growing month-on-month and I am looking forward to very exciting times ahead.”
Richard Deacon, sales and marketing director at Masthaven, added: “Only Bridging is a great example of a sustainable growing business, and this latest deal demonstrates its ambition to increase the strength of its proposition.
“This is the first time we have delivered a bridging loan facility of this size [since] gaining our banking licence.”
Also commenting on the deal, Paul McGerrigan, CEO for Loan.co.uk (pictured above, left), said: “Masthaven used its commercial experience to turn the deal around very quickly – initial introductions to money being released took 10 days.
“Access to the expert team, looking beyond convention to give customers what they really want mirrors the standard we set at Only Bridging and Loan.co.uk.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Sainsbury’s Bank withdraws all base rate tracker products
Sainsbury’s Bank has removed all of its base rate tracker mortgage products with immediate effect...
Leek United extends mortgage offer period
Leek United Building Society has announced that it has doubled the offer period on its mortgages from three to six months...
STB strengthens real estate finance division
Secure Trust Bank (STB) has announced the appointment of Chris King (pictured above) and Andy Thomson to lead the company’s real estate finance division across London and the South East...
CYBG and Virgin Money agree takeover offer
The boards of Virgin Money Holdings (UK) PLC and CYBG PLC have agreed the terms of a recommended all-share offer to be made by CYBG for Virgin Money...
UTB extends max loan size on second charge mortgages
United Trust Bank has increased the maximum loan size on its second charge mortgages from £250,000 to £400,000...
BBB launches online information hub
The British Business Bank has introduced an online hub that provides information regarding the finance options available to scale-up, high-growth and potential high-growth smaller businesses...
Metro Bank updates mortgage rates
Metro Bank has refreshed the rates across its residential, buy-to-let (BTL) and large loan ranges...
Our response to the Treasury committee's SME finance inquiry
Earlier this year, the Treasury committee launched an inquiry into SME finance looking at a number of issues...
Anthony Browne joins Coconut board
Coconut – the smart current account for freelancers and the self-employed – has appointed Anthony Browne (pictured above) to its board...
Cambridge & Counties to launch new products and expand UK reach
Specialist bank Cambridge & Counties has revealed that it aims to cover the entire country within the next few years, as well as expanding its product suite...
OakNorth provides £7.3m loan to luxury hotel chain
OakNorth has completed a £73m loan to Z Hotels, bringing its total lending to the hotel group to £225m...