Here's a new case study from Mint Bridging: Aberdare, Glamorgan, Wales
A Mint Bridging funded project has recently come to completion in Glamorgan in Wales. Our
borrower’s successful journey is detailed below:
The
developers are specialists in the refurbishment of residential properties with
the ability to re-develop both light projects through to dilapidated
residential premises. They have a keen eye for location and spotting potential
in properties irrespective of the current state. They've been operating for a
number of years, with the newly completed Aberdare property being added to the
growing list of their successful development projects.
The
property was purchased for £65,000 with the intention to restore it to a
habitable condition for resale. The client required a loan amount of £77,000
for works and to assist in the purchase. Mint Bridging structured the loan at 70% LTGDV.
The borrowers plan was to get the works completed and the property on the
market for sale within the 12 month term of the loan.
Before (left sides) and after (right sides) pictures:
Mint
were approached to fund the development, and following our initial checks with
the developer we were left very impressed with their plans. The developer had
excellent experience and knowledge of the local market. Further to this they
had recent history of completing similar projects in different UK locations. On
receiving the clients draft loan application we returned the agreement in
principle within an hour. This loan was completed within 4 weeks ready for the
client to drawdown.
Working
with the developer, Mint devised a program for development funding which
applied tranches of multiple development funding with a significant percentage
of day one working capital. We also created a workable development milestone
schedule of works for future releases of the remaining funding throughout the
project’s development. Due to the communication with Mint, and the portfolio
manager that was looking after the loan, all of the client’s milestones were
efficiently reached. There were further releases of funds at month 2 and 4 to
ensure the project completed on time.
Should
you require any development finance for a new or upcoming project, contact
Mint today to discuss your needs. Or alternatively submit an eligibility check
to determine your level of funds here:
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