Mint Bridging has provided a £1.43m re-bridge against a recently completed conversion in Hampshire.
The client was an experienced developer who acquired a Georgian manor house three years ago, and in the meantime gained planning permission for various development projects.
The final stage involved creating two luxury apartments and a mews house while selling other properties on the site.
Although conversion works had completed and payments on the original bridge were up to date, the original lender was only interested in extending at a higher rate.
As a result, the client approached his broker to find a better option.
Mint’s in-house solicitor Gaynor McCormick took control of the transaction as the original term was close to expiring.
However, she soon realised that the deal was more complicated than the original arrangement, because the developer was also selling off parcels of the building at the same time.
Gaynor said, “For our security we were taking charges over three leaseholds, and part of the overall freehold, to enable him to sell off the other properties.
“As we neared close to completion, other mortgages were appearing and easements needed to be granted over our security, to enable those sales to proceed.
“We were negotiating with various parties and long hours were spent writing and re-writing the document.
“Our borrower had direct contact with me and this was invaluable in delivering a positive solution.”
Richard King, Business Development Manager at Mint, concluded: “We are the go-to lender for re-bridging, and our entrepreneurial mindset enables us to deliver in tight time scales.
“This deal demonstrates that we are able to deliver on the bigger ticket loans, and that we have in the in-house capability to respond nimbly to issues as they arise.”
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