Sinead Moynihan, head of sales at Mint
Bridging (pictured above), said: “We have, like others in the market, to this
point offered solely new bridging loan products,
with Covid-19 in mind.
“However,
we noticed a gap in the market for development-specific products and knew that
it was necessary to widen our product portfolio with development loans that
measure up to the needs of our brokers and borrowers at this difficult time.”
The
lender has devised a new development product that is based on a maximum
four-house scheme, with a loan value of up to £750,000 at a rate of 0.89% and
55% LTGDV.
Alternatively,
for those impacted by building delays, or unable to offload their premises, Mint
is offering a development exit loan.
It
is available to those seeking loans up to £750,000, based on a maximum
six-house scheme, up to 65% LTV at 0.89%.
Joel White, managing director at Ramsay &
White, commented: “The launch of Mint's new products is a welcome step towards
getting the economy back on track and Britain building again.
“We know it's tough out there, but products like [these] make a real difference to people's lives and livelihoods — especially at a time when many are returning to work as lockdown begins to ease and some normality is restored."
“We know it's tough out there, but products like [these] make a real difference to people's lives and livelihoods — especially at a time when many are returning to work as lockdown begins to ease and some normality is restored."
Sinead
added: “The building development market is unique and it's for this reason
we've had to carefully look at what products we could release that would be
most beneficial to both brokers and borrowers.
“We
hope that these two new loans will help many who've found themselves in a
difficult situation amid the coronavirus crisis, yet are eager to keep Britain
building."
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