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.”
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