The Promenade, Blackpool
Funding to complete: May 2020
The developers are an experienced property development company who have a small but growing portfolio of developments throughout the UK. They focus on adding value to properties and converting existing sites into apartments with this site in particular noted as one of their most ambitious projects to date consisting of a development of 7 apartment over a commercially trading ground floor premises.
Mint was approached at a critical point during the planning of the development as the developers were into an extension with substantial fees from their initial loan but were notified by their initial lender that their finance was to be removed. They had sourced new funding only for this to fall through at the last minute.
Given the time-critical nature of the funding required the commercial team at Mint once approached quickly reviewed the case had an agreement in principle with the lender in under 60 minutes which was agreed the same day for the sum of £455,000. We agreed to accept a retype of the existing valuation report carried out for the original lender, and also did not require valuations for either of the two additional securities which we had in the background. The underwriting team delivered the finance and worked with all relevant third parties to ensure the first draw-down was able to occur within 14 working days from initial contact.
The speed of funding allowed the development to continue at earnest without the project being susceptible to more cost. Plus due to the quick turnaround Mint was able to save the lender £60,000 in deposit and extension fees. Working with the client we were able to provide an increased day 1 drawdown of over 95% to refinance the overall loan.
Should you require any commercial finance for a new or upcoming project then you can discover your eligibility for funding with Mint. Alternatively, contact mint today on 0161 710 2006 to discuss your requirements in greater detail with an underwriter direct.