Tuesday, December 10, 2019

Case Study - HMO Purchase & Development: £197,500

Case Study: Smethwick, Birmingham
Project Completed: November 2019
This week’s featured property is a fantastic, modern HMO conversion.
We love to give our new clients a brilliant Mint Bridging experience and this development was no exception. While we were working with very experienced developers, the client’s ambitious plans made the most of our team’s skills and knowledge This helped take their property from a four to six bedroom, plus full refurbishment in just three short months.
A loan of £197,500 secured on a first charge over a 9-month term was completed within 16 working days, from underwriting to offer. With a day one release of 50% of the total facility, the developer was able to purchase the property without any hold-ups.
Through underwriting to valuation, portfolio management to completion, Mint Bridging has been by the developers side every step of the way. The project completed on schedule and is now ready to let.
Left images per screenshot show before, right images show after:

Tuesday, December 3, 2019

Refinance & Development Loan: £830,000 - Case Study

Harrogate - £830,000 - Development Loan - 20 days - Project Set To Complete in January 2020

It’s easy to see why this stunning development in the village of Pannal, Harrogate, was chosen as our Property of the Week. It’s to complete in the coming weeks.
Mint Bridging successfully worked with this experienced developer on multiple projects in and around beautiful Harrogate. Together, we’ve overcome a number of challenges. This latest project involved a considerable schedule of works, including the demolition of an existing bungalow followed by the ground-up development of an ambitious high-spec six-bedroom property.
Mint was brought in at a pivotal point. With funds in place from another lender plus cash from previous projects, the bungalow had been purchased. Following planning approval, it was then demolished. Refinance was needed to push on with the plans though.
The developer was looking for a competitive rate, flexibility of terms and the support and experience of an outstanding portfolio management team. Mint provided this all.
A loan of £830,000, on a first charge over a 12-month term was completed within 20 working days – from underwriting to offer. With an initial release of £127,000 on day 1 (to refinance the initial loan) and to provide day 1 working capital, the remaining development finance was released in tranches linked to the schedule of work. Later, when the build schedule experienced setbacks, caused by the heavy summer rain, our portfolio management team stepped. We released contingency finance at no additional cost and keeping the project on-track.
The exit plan for the development is the sale of this stunning property. We’re delighted to confirm it has just gone on to the market at an asking price of £1.5M.
Left images (before) and right images (after):

Wednesday, November 27, 2019

First Deal of the Week - Last Week: Case Study

We secured a £645,000 development loan. It involved providing 100% funding for our client for the purchase and development works, alongside additional security.
The team at Bridging Finance 247 found the client a suitable lender, who could meet his requirements of not having to put any cash into the deal for the purchase price. This helped with his cash flow for other related expenses involved within the transaction, including legal fees and stamp duty.
The client’s exit plan is to refinance the flats on to Buy-To-Let mortgages as soon as possible. Mint Bridging ensured he had no exit fees within the deal, so if he can turn the project around quicker, he will not be penalised for this.