Mint Bridging
has released two products specifically for the development market in its
attempt to help businesses continue building during the Covid-19 pandemic.
For firms looking
to continue with developments while following safety
guidelines relating to the pandemic, Mint has released a new
development product.
This is based
on a maximum four-house scheme with a loan value of up to £750,000, and
a rate of 0.89 per cent. The product is available up to 55 per
cent loan to gross development value (GDV).
Alternatively,
for those impacted by building delays or unable to offload their
premises due to market changes, Mint is offering a development exit
loan which is available to those seeking up to £750,000.
It
is based on a maximum six-house scheme and has a maximum loan to
value ratio of 65 per cent with a rate of 0.89 per cent.
Sinead
Moynihan, head of sales at Mint Bridging, 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.
“We hope
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,” Moynihan added.
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