Masthaven Secured Loans has begun its second charge lending push.

Colonial Secured Loans completed Masthaven’s first secured second charge term loan, while V Loans, the national secured loans packager, has launched the first product range of new second charge lender.

Masthaven Secured Loans Ltd, the sister company of Masthaven Bridging Finance, is headed by Stuart Aitken, who was a director at lenders SPML and SPPL.

The range include products aimed at buy-to-let borrowers with a valuable interest only option and facilities available for business purposes, purchase of holiday homes, debt consolidation and transfer of equity.

“We were delighted to have been given the opportunity to work with Stuart Aitken and his team at Masthaven,” said Mark Fry, managing director of Colonial Secured Loans.

“Stuart’s renowned expertise in the second charge market has meant that Masthaven have introduced an exciting matrix of products to compliment the current plans available in the secured loan arena. It has been very clear since initial discussions with Masthaven that they are firmly committed to the secured loan market and have plans to become a significant force in this growing industry.”

Marie Grundy, operations director at V Loans, said: “We are delighted to have been chosen as one of the select packagers with whom Masthaven has launched its second charge lending proposition to the intermediary market.

“Having a new lender headed by someone with Stuart’s knowledge and understanding of the market, comes at a time when secured loans are becoming an important product for intermediaries, whose clients are looking to capital raise but cannot remortgage.

“The new product range provides more depth for brokers and adds to the choice available, which will in turn promote a greater sense of competition. These are good days for the second charge sector and Masthaven’s arrival could not have been better timed.”

“The partnership with V Loans has developed over the past months as we have tested our systems and initial products with them and a few other chosen partners,” said Aitken.

“As a new lender in the secured loans sector we are delighted to be working with V Loans and offering some exciting new alternatives to the intermediary market.”