Masthaven removes legal fee ‘barrier’ for bridging clients
Masthaven Finance has made changes to its bridging proposition, removing upfront legal fees.
Clients will no longer need to pay legal fees in advance; instead, they can now be added to the loan.
As such, the legal fee is added on top of the agreed advance, as opposed to being deducted. This will ensure borrowing can occur at full amounts, even for those at the maximum loan to value (LTV).
By removing the demand for payment at the outset, Masthaven said it would help cases move through the legal process sooner.
Jim Baker, sales director for bridging and development at Masthaven Finance, said: “Brokers regularly tell us that having to pay legal fees upfront can be a barrier for clients. Removing that requirement gives clients greater flexibility and helps speed up the process. For cases where an automated valuation model (AVM) can be used, clients can benefit from even fewer upfront costs.
“This is a practical enhancement to our proposition and reflects our focus on making bridging finance simpler to navigate for brokers and their clients.”
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Michael Cartwright, property development specialist at BuildLoan, commented: “This option gives brokers greater flexibility when structuring a bridging case and removes a potential barrier at the outset. Being able to add the legal fees without reducing the agreed advance is particularly valuable for clients borrowing at maximum LTV.”
In the summer, Masthaven Finance overhauled its bridging refurbishment range.
