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







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