Mint
Bridging unveils product for kerbside residential properties
Short-term property finance
specialist Mint Bridging has unveiled a product designed for those seeking
loans for kerbside residential properties, as well as town and city locations.
The product will be available for
loans up to the value of £400,000 until 30 April 2020, and requires no
valuation.
The new product has a maximum
loan-to-value ratio (LTV) of 50% and a competitive rate of 0.89%.
There is no exit fee for loans
over £100,000; below this value, loans will include an exit fee of £1,500.
Sinead Moynihan, head of sales at
Mint Bridging, said: “After carefully reviewing the marketplace, in light of
COVID-19, we felt that there was a need for a product that met the unique
demands of this crisis.
“The new product that we’ve
brought to market allows people to adhere to the current stay home policy, as
no valuation is needed, and all necessary legal work can be done remotely, e.g.
via video conferencing.
“It provides a workable solution
for those struggling to find funds, and we hope will allow many to continue to
work and maintain business during this difficult time.
Nicholas Christofi, co-founder of
SIRIUS Property Finance, added: “It’s great to see a company like Mint Bridging
bringing a realistic and workable product offering to market, at a time when
many are struggling to overcome the impact of COVID-19.
“We hope others will follow suit
and look to offer viable solutions to maintain business during the lockdown and
whilst current social distancing restrictions are in place.”
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