Balham Park Rd, London
Project to complete: April 2020
The developers are an experienced property management company who operate predominantly across southern England. They generally tend to focus on development projects either from a straight conversion from flats to luxury development or as in this instance taking a previous high occupancy HMO and re-developing it into a luxury modern flat offering for fewer dwellings.
The developer’s broker had previously secured a loan with another lender which had in place efficient timescales to deal with planning and re-development schedules. Unfortunately, due to the lengthy planning application process, these timescales were effected and the clients initial deal with another lender was coming to an end without the view to extend. The intermediary had to source new funding in order to keep the development on track and avoid any potential penalties.
Mint was approached with the outline of securing the finance in an extremely short timeframe so that both the initial loan could be redeemed and also so development could continue. The intermediary worked directly with an underwriter from Mint’s development finance department within 60 minutes of initial contact which factor in all the complexities of the initial lender and the delivery timescale for the borrower to drawdown within 12 working days.
Further to this Mint’s development team worked with the borrower to ensure an increased day 1 drawdown 0f £900,000 so that their development could continue at speed. Mint also agreed to a 12 month borrowing period to allow for an additional re-sale period at the end of the development as a safety measure for the borrower.
The ability of Mint’s development finance ensured the broker was able to provide an effective solution to instill confidence within their abilities not only to complete this project but to provide an improved user journey in the face of difficult financial circumstance. Add to this the ability to have increase drawdowns within efficient timescales and the broker to client relationship was strengthened by turning to Mint for an efficient solution.
Should you require any development funding for a new or future client’s project then contact Mint today to discuss your needs or alternatively submit an eligibility check to discover the level of funds.