Case study: 4 Fraser St, Grimsby, DN32 8AQ
Urban Lets Northern are a very new development company having only
incorporated 12 months ago. Despite being a newly formed company the
stockholder within the company are actually established borrowers and as such
they have their core investment principles in place for which they look to
distinguish good development opportunities.
The company look for investment opportunities close to their base
in Leeds and in particular they look for medium refurb to development
opportunities. Being well versed in development served them well when they cam
e to Mint looking to fund a multi property project.
Urban Lets Northern approached Mint looking for a development loan
to undertake a medium grade refurbishment across two properties in the Grimsby
area. Being experienced the developers were very clear on what they required
from there funder and were delighted when Mint were able to provide more day1
drawdown than they expected given the complexity of the refurbishment project.
Our development loan was for £128,000 0ver 12 months with an
initial day 1 drawdown of £83,000. The company have worked very actively with
Mint Bridging throughout the funding process with the first property complete
and the second one due for completion imminently.
From funding to completion, Mint Bridging provided strategic support
at every step.
Before (left) and after (right) photos:
What the client had to say about working with Mint:
“Our client had funded their development with a
well-known bridging lender. The development of apartments were all completed
and on the market for sale but the current lender refused to extend the term
and instead was threatening an LPA receiver. We successfully worked with Mint
to refinance the loan, providing our borrower with enough time to sell the
flats and realise their profit.”
Aaron Sinclair, Mint Bridging Customer
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