Despite looking to double its loan book during 2017, Mint Bridging has revealed that it does not have lending targets which it needs to hit.
Earlier this year, Mint revealed to Bridging & Commercial that it was to rebrand as it looks to double its loan book during 2017.
Despite this, Adam Robson, underwriter at Mint Bridging (pictured above), told Bridging & Commercial that the lender doesn’t have targets which it has or needs to hit, but instead lends on a case-by-case basis and won’t look to complete on a deal just to ‘hit targets’.
“As my managing director [Andrew Lazare] drills into me on a daily basis: it’s better to have a bad day than fund a bad loan.”
Even though he only joined Mint in March – from fellow bridging lender Bridgebank Capital – Adam said he was already loving life at the lender.
“The start of the year has been extremely busy for Mint Bridging, which is very exciting as it validates [that] we are growing and evolving as a business.
“It also means we can demonstrate the excellent service we offer our clients and brokers.”
Looking at what products have been doing well for Mint, Adam added: “We don't have one specific product that is doing particularly well.
“We are writing a large number of bespoke loans which we tailor to meet the client’s needs.
“60% of our loans are funded within the South East, which always surprises people, given we are based in the North West.”
Adam felt that bridging had become popular in recent years as lenders can offer terms, underwrite a case and complete a deal much quicker than normal mainstream banks.
“I believe more and more people are becoming aware of bridging finance and I also see that most bridging lenders – with Mint leading the way – are quashing people's opinion that bridging lenders are only there to support big businesses or individuals that have bad credit (for example).
“Obviously, we deal with company loans, as well as aiding people who may not be able to seek finance at a mainstream lender.
“However, I also find that we lend to the average Joe Bloggs, who’s looking to purchase a property at auction and needs to complete ASAP.”
Asked about how bridging lenders can stand out in today’s market, Adam added: “I believe [in] offering the correct rates and terms from the beginning, so there are no surprises further down the line.
“Also, making sure customer service is offered at all times as paramount.
“We’ll continue doing what we always do as it’s working well: lending responsibly and providing first-class service to our brokers and clients.”
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