North West Commercial Finance - Case Study: £1,750,000 (12 months)

CHALLENGE

• Mint Bridging were approached to fund the development 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 commercial loan project, the non-standard construction and materials made it a risky project for most lenders

APPROACH

• While 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
• We could see that additional assistance was required so Mint introduced our in-house quantity surveyor to liaise with the client’s project team and managed retention releases

RESULT

• The development completed on budget and the penthouses were sold