Spring Finance chief executive and owner Andrew Bloom has completed the acquisition of Masthaven Finance, for an undisclosed fee.
Spring Finance and Masthaven Finance will combine and trade under the name of Masthaven Finance.
Bloom was the 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 and has grown business volumes and headcount, as well as launching lending products and divisions.
Bloom had the opportunity to purchase the remaining assets of Masthaven in 2023 and the transaction was completed in October 2024. As part of the completion, Masthaven has reverted to a non-bank lender.
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 more joining in the coming months.
In addition to a rebrand, an enhanced bridging and development finance product range has been launched.
Further plans for 2025 include a new loan origination platform for the mortgage and secured loan division.
In addition, it plans a fifth institutional senior debt line planned for the summer, a 50% increase in headcount and a move to larger offices towards the end of the year.
Commenting on this, Bloom says: “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.”
