Cranbourne Road, Liverpool
Funding to complete: August 2020
Mint were approached directly by a client who we had previously financed for one of our intermediary clients. They are a HMO specialist who have a history of HMO refurbishments and conversions across the north-west of England. Given the nature of this approach and our relationship with our intermediaries Mint operate a clear and transparent commission structure with our partners irrespective of initial introduction or repeat finance.
The property was purchased at auction with the intention of converting from a terraced property into a 6 bed HMO. The client required a loan amount of £146,250 based on a LTGDV of 65% with the view to having works complete and the property on the market to let within the 12 month repayment period they required.
Mint informed the broker of the repeat funding to be undertaken for the client that they initially introduced and of the timescales for the delivery of their commission. We were also transparent with the full terms and outlined timescales of the loan to ensure their client relationship was consolidated with the client.
On receiving the clients draft loan submission they received an agreement in principle within the hour. Based on the expected completed rental returns, the 1st charge placed on the property by the borrower the loan was written at speed and funds were available for drawdown within 12 working days. Commission to the intermediary was also released on day 1 of drawdown.
Working with the developer, Mint devised a program for development which applies tranches of multiple development funding which provide the developer with both substantial funds with an added contingency for additional security. Throughout this process, the introducing intermediary was kept fully updated of the case progress.
Discover how our intermediaries can benefit from repeat commissions via our HMO development offering. Should you require any development finance for a clients new or upcoming project then contact Mint today to discuss your needs or alternatively submit an AIP check to determine their eligibility today.