Spring Finance’s chief executive Andrew Bloom has completed the acquisition of Masthaven, combining the two firms.
The combined entity will operate as Masthaven Finance, with several former Masthaven staff joining the firm now and in the coming months. This includes senior management as well as loan underwriting and servicing.
The lender will continue to specialise in first and second charge buy-to-let (BTL) and residential business, bridging and development finance.
As part of the acquisition, Masthaven has reverted to a non-bank lender, and the purchase consists of its bridging and development finance loan book, intellectual property rights and other tangible and intangible assets.
The firm said it has “ambitious growth plans” for the year, adding that it would be “transformational”.
Masthaven Finance has launched “enhanced bridging and development finance today” and has plans for the launch of a new origination platform for mortgage and secured loan division, a fifth institutional senior debt line, and a 50% increase in headcount, as well as a move to a larger office space this year.
How the housing landscape is set to shift
Sponsored by Halifax Intermediaries
Bloom was the founder, majority shareholder and chief executive of Masthaven Group and Masthaven Bank between 2005 and 2020, before selling his controlling stake and stepping down as chief executive in 2020.
Masthaven Bank announced in 2022 that it would withdraw from the UK banking market over the next two years following a strategic review of the business.
Bloom purchased Spring Finance in 2021 and has tripled its business volumes and headcounts and launched into new product areas, such as development finance and bridging in Scotland.
During 2023, Bloom had the opportunity to buy the remaining assets of Masthaven, and the transaction completed in October 2024.
Bloom said: “This transaction has been two years in the making, and I’m delighted to have finally got this over the line. I founded Masthaven as its sole shareholder in 2005, transformed it into a full UK challenger bank in 2016 and sold it in 2019.
“To say I’m delighted to have got it back is an understatement. Combining it with Spring Finance is a natural fit, and it made sense to trade as Masthaven Finance. Myself, and the senior management team, are committed to returning Masthaven to its former position as one of the industry’s leading specialist finance lenders.”
