Spring Finance’s chief executive and owner, Andrew Bloom, has completed his acquisition of Masthaven Finance.
Bloom (pictured) was founder, majority shareholder and chief executive of Masthaven Group and Masthaven Bank from 2005 to 2020, when he sold his controlling stake and stepped down as chief executive.
In October 2021, he purchased Spring Finance. During 2023, Bloom had the opportunity to purchase the remaining assets of Masthaven and this transaction completed in October 2024.
A key part of this transaction was Masthaven reverting to a non-bank lender which has now taken place. The purchase consisted of the bridging and development finance loan book, intellectual property rights as well as other tangible and intangible assets.
As part of a wider transaction, many ex-Masthaven staff have joined Spring, with a number more joining in the coming months.
The combined entity will trade as Masthaven Finance. In addition to this rebrand, new bridging and development finance product have been launched today.
Further plans for 2025 include a new loan origination platform for the mortgage and secured loan division, a fifth institutional senior debt line planned for the summer, a 50% increase in head count and a move to significantly larger offices towards the end of the year.
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.”
