Thursday, July 2, 2020

Recent Blast From The Past Article: Mint Bridging launches lockdown development products

In case you missed this recent news update from Mint Bridging, please read on or click the link to the original article from Mortgage Solutions:

Mint Bridging has released two products specifically for the development market in its attempt to help businesses continue building during the Covid-19 pandemic.

For firms looking to continue with developments while following safety guidelines relating to the pandemic, Mint has released a new development product.  
This is based on a maximum four-house scheme with a loan value of up to £750,000, and a rate of 0.89 per cent. The product is available up to 55 per cent loan to gross development value (GDV). 
Alternatively, for those impacted by building delays or unable to offload their premises due to market changes, Mint is offering a development exit loan which is available to those seeking up to £750,000.  
It is based on a maximum six-house scheme and has a maximum loan to value ratio of 65 per cent with a rate of 0.89 per cent. 
Sinead Moynihan, head of sales at Mint Bridging, said: “We have, like others in the market, to this point offered solely new bridging loan products, with Covid-19 in mind.  
“However, we noticed a gap in the market for development-specific products and knew that it was necessary to widen our product portfolio with development loans that measure up to the needs of our brokers and borrowers at this difficult time.
“We hope these two new loans will help many who’ve found themselves in a difficult situation amid the coronavirus crisis yet are eager to keep Britain building,” Moynihan added.

Wednesday, June 24, 2020

Case Study: Refurbishment Loan - £209,500

This was a 12 month refurbishment loan in the North West.

  • The property comprises of a four bedroom semi-detached house, built in the very early 1900s
  • The property generally has a tired and dated appearance - full refurbishment and upgrading works were required
  • A good sized family home with rear garden and off road parking with excellent demand for owner occupiers
  • Funding provided for the purchase and refurbishment of the property
  • The borrowers were experienced developers who had previously sourced properties for conversion to HMOs, initially for clients, then for themselves
  • Our experienced Asset Manager was still on hand to offer advice and add value from the outset
  • The refurbishment was completed to the agreed schedule and to an extremely high standard
  • Further new loan facilities have been completed and are progressing from building a great business relationship

Thursday, June 18, 2020

Nominate A Key Worker - Mint Bridging Philanthropy

With Covid-19 causing every conceivable havoc to our businesses, livelihoods and stressing our first responders, Mint Bridging has been running a donation campaign: Please nominate a key worker in the Facebook comments below. Every week, Mint will pick two names and send them cash to spend at a local business of their choice. It's Mint's way of saying a little thank you to all that they're doing. Please support Mint Bridging, like our Facebook page and help us to help others. Paying forward is so incredibly easy when you have heart...