Purpose of Loan: Refinance
Loan Amount: £289,250
Term: 12 Months
Security: 1st & 2nd Charge
Agreement In Principle: Within 90 Minutes
Drawdown: Within 18 working days
READ ABOUT THE CASE
Complex Refinancing Bridge Loan
Mint were approached to undertake a refinancing deal on behalf of a borrower. The borrower was in the process of developing an investment property when they became ill and had to put the development on hold.
The borrower was intending to exit their initial loan with a BTL mortgage which was initially agreed but subsequently revoked at the 11th hour. The borrower looked into clearing the initial loan by selling the property having now accrued arrears, but they had a buyer pull out at the last minute. In need of a resolution the borrower reached out to Mint Bridging.
Following comprehensive due-diligence on the borrower, their finances and the development property Mint were able to provide funds to clear the initial loan arrears and to get the development schedule back on track. The borrower will be working very closely with our portfolio managers throughout the development process to ensure that the project sticks to a clearly defined schedule of works.