South East - Case Study: £350,000 (12 months)

CHALLENGE

• Mint Bridging works with many experienced introducers and property developers. This means that we also work with a range of brokers and introducers – as was the case with the finance provided for this impressive new development loan
• With planning permission secured, the only stipulation was that the finance needed to be provided ahead of the completion of the borrower’s current project
• The vacant land for the development was formerly a disused filling station. With the possibility of land contamination, this needed to be addressed at the outset

APPROACH

• Site investigation findings confirmed that the ground conditions were not as harmful as first thought. Remediation works were required and had a budget secured
• Building cost were confirmed, with a facility provided based on an initial release to enable the purchase of the land. It also required a retention amount to cover the costs for the works

RESULT

• With finance agreed and completed, this enabled the commencement of the development - an impressive four bedroom detached house. Exit strategy was via the sale of the property
• The fit and finish of the property was be to a high standard and with strong sales in the local area, plus marketing commencing all ‘off-plan’ property sold in early stages of the development