12
months
North
West
CHALLENGE
- Mint
Bridging were approached for development funds of eight penthouse
apartments
- The
borrower was known to us and had a track record of converting office
accommodation to residential. However, this new proposal meant building
purpose built pods on three rooftops
- Although
it was an exciting project, the non-standard construction and materials
made it a risky project for most lenders
APPROACH
- Whilst
the borrower was a vastly experienced developer, with many successful
conversions and refurbishments in his portfolio, this project was taking
his development team out of their comfort zone
- Mint
could see that additional assistance was required so we introduced our
in-house quantity surveyor to liaise with the borrower’s project team and
manage retention releases
RESULT
- The
development completed on budget and the penthouses were sold
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