Mint Launches Auction rate of 0.45%
Bridging lender, Mint Bridging announces today that it has developed an auction product with rates from 0.45% per month. It is available for purchases of houses, flats and commercial properties.
The product is available for LTV’s of up to 70%. Terms are 1-12 months and it carries a maximum loan size of £3m. This new product is open to new and existing introducers.
Managing Director, Andrew Lazare, elaborated: “Building on our ongoing success with developing handcrafted loans, we looked at how we could handcraft an auction product. We have designed this product to enable buyers to invest in auction property, without having a high monthly interest rate.
With the benefits of streamlined conveyancing via title insurance, we can provide this product with fast turnarounds which is just what this part of the bridging market needs. We initially gave this product a soft launch and it has been so well received that we are now opening it up to the wider market.”
Please contact Sinead or Andrew at 0844 415 6500.
Mint Bridging has been operating since 2011, offering uniquely structured, handcrafted short-term bridging loans (up to £5 million) that borrowers use to fund property purchases, refinance, second charge loans or development projects. As the business is privately funded, third parties do not dictate lending decisions. This results in their brand strategy generating faster loan conversions.
For brokers looking for a fast, flexible and original approach to borrowing, Mint has a team of 30 people with six mandated underwriters. Sinead Moynihan heads up the sales team, while Richard Showman manages the underwriting team. Andrew Lazare and industry magnate Mark Abrahams run the business.
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