Masthaven has cut its first-charge bridging rate to 0.49 per cent for selected brokers as part of a rate war among lenders.
The 0.49 per cent rate applies to loan-to-values (LTVs) of up to 40 per cent and a rate of 0.54 per cent for LTVs of up to 50 per cent.
Masthaven's loans are offered to residential customers at a loan-to-value of at least 70 per cent and for commercial properties with a maximum loan-to-value of 60 per cent.
One of the brokers chosen to handle these loans is First 4 Bridging.
Jonathan Caplan, director of First 4 Bridging, said he has witnessed a rate war among bridging lenders, particularly low level LTV products on residential business for those with clean credit records.
"Masthaven’s decision today (18 January) to drop its rate down to 0.49 per cent for both regulated and unregulated business in this space is a further indication of the highly competitive nature of bridging at present.
"We, at First 4 Bridging, are very pleased to be one of a few select bridging brokers that have access to this rate."
david.rowley@ft.com
