The recently launched challenger bank last week revealed its new development finance division along with its range of products.

Since launching, James Bloom, managing director of development finance at Masthaven, has spoken exclusively to Development Finance Today to explain more about the challenger bank’s offering.

“The new development product’s key features include up to 100% of build, and lending up to 60% of gross development value (GDV), including rolled-up interest,” said James.

“We are confident the new product has a place in the market and will fulfil a need for SME housebuilders who struggle to access suitable finance in a timely fashion.

“The UK has a critical housing shortage and we are here to help plug the UK’s housing gap.”

James also pointed out how Masthaven will attempt to differ from other lenders offering development finance products.

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“Becoming a bank brings major benefits to our customers.

“Combined with the heartbeat of an established short-term lender, it gives us a real edge in the market, and puts our introducers and clients in a very strong position when working with us.”

James also felt that clients could be safe in the knowledge that it is a very well capitalised and secure finance partner.

“Launching as a bank strengthens our business and unlike some banks, we’re not trying to bolt on a short-term business.

“We are fully aware of the need for speed, flexibility and a personal service and becoming a bank will not alter our established ethos.”

Looking at Masthaven’s targets during its first year in the market, James added: “We are seeking strong, but sensible growth.

“We are confident our new products will be well received and our share of the market will increase.

“[We are] constantly looking to create new products, brokers and developers can be reassured they’ll continue to receive the same exceptional service they expect from Masthaven, and will now benefit from more favourable lending rates.”