Masthaven Finance has updated its bridging proposition to allow clients to add legal fees to their loan rather than paying them upfront.
The change means legal fees can be included in the borrowing, allowing cases to enter the legal process without clients having to fund those costs at the outset.
The fees are added on top of the agreed advance rather than deducted from it, enabling brokers to secure the full loan amount for their clients, including in cases where borrowing is at the maximum loan-to-value (LTV).
Jim Baker, sales director – 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.”
Michael Cartwright of 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.”
