Wednesday, February 19, 2020

Case Study: South East at £1,100,000


Six Months
SOUTH EAST
CHALLENGE
  • To assist a borrower, the owner of a substantial unencumbered London hotel, and facilitate the purchase an additional property in the city
  • As the security was the borrower’s operating five storey mid-terraced hotel, and being a responsible lender, Mint Bridging had to be satisfied that the hotel was ‘planning and fire regulations’ compliant
  • From our local search, it transpired that there was historical enforcement action dating back quite some time which was still showing as open
  • The bridging finance needed to be turned around within a short-time frame
APPROACH
  • We worked with the borrower to establish a solution, through the provision of legal indemnity insurance. This would cover both the borrower and our investors, in the event of any loss of value on the hotel property that would result from commencement of enforcement
  • We managed the complexities of security within a Grade II listed building, in addition to liaising with an off-shore borrower
RESULT
  • The finance was agreed and completed to schedule which enabled the borrower to purchase the additional property
  • Purchased as a short-term investment opportunity being redeveloped and then sold to enable the redemption of all outstanding






Thursday, February 13, 2020

Case Study: North West for £1,1750,000


12 months
North West
CHALLENGE
  • Mint Bridging were approached for development funds of eight penthouse apartments
  • The borrower was known to us and had a track record of converting office accommodation to residential. However, this new proposal meant building purpose built pods on three rooftops
  • Although it was an exciting project, the non-standard construction and materials made it a risky project for most lenders
APPROACH
  • Whilst the borrower was a vastly experienced developer, with many successful conversions and refurbishments in his portfolio, this project was taking his development team out of their comfort zone
  • Mint could see that additional assistance was required so we introduced our in-house quantity surveyor to liaise with the borrower’s project team and manage retention releases
RESULT
  • The development completed on budget and the penthouses were sold







Tuesday, February 11, 2020

Case Study: South East at £1,100,000


Six Months
SOUTH EAST
CHALLENGE
  • To assist a borrower, the owner of a substantial unencumbered London hotel, and facilitate the purchase an additional property in the city
  • As the security was the borrower’s operating five storey mid-terraced hotel, and being a responsible lender, Mint Bridging had to be satisfied that the hotel was ‘planning and fire regulations’ compliant
  • From our local search, it transpired that there was historical enforcement action dating back quite some time which was still showing as open
  • The bridging finance needed to be turned around within a short-time frame
APPROACH
  • We worked with the borrower to establish a solution, through the provision of legal indemnity insurance. This would cover both the borrower and our investors, in the event of any loss of value on the hotel property that would result from commencement of enforcement
  • We managed the complexities of security within a Grade II listed building, in addition to liaising with an offshore borrower
RESULT
  • The finance was agreed and completed to schedule which enabled the borrower to purchase the additional property
  • Purchased as a short-term investment opportunity being redeveloped and then sold to enable the redemption of all outstanding