Aberdare, Glamorgan, Wales
A Mint 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 have 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. We 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.
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 and 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 then contact Mint today to discuss your needs or alternatively submit an eligibility check to determine your level of funds.