Masthaven Finance has announced that it has introduced an option that lets bridging finance clients add legal fees to their loan rather than fund them at the outset. The change allows cases to move into the legal process sooner.
The lender adds the legal fee on top of the agreed advance instead of deducting it, so brokers can secure the full loan amount for clients. That includes cases at maximum loan-to-value (LTV).
Jim Baker, sales director, bridging and development, at Masthaven Finance (pictured), 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,” he added.
“This option gives brokers greater flexibility when structuring a bridging case and removes a potential barrier at the outset,” noted Michael Cartwright of BuildLoan. “Being able to add the legal fees without reducing the agreed advance is particularly valuable for clients borrowing at maximum LTV.”
