Purpose of Loan: Property Development
Loan Amount: £165,000
Term: 9 Months
Security: Development Loan
Agreement In Principle: Within 60 Minutes
Drawdown: Within 4 weeks of first enquiry
READ ABOUT THE CASE
Flexibility Was Key
Mint was approached by a broker who needed to secure funds to undertake a development to convert commercial premises into a 7 bed HMO. With planning approved the developer was keen to get funding quickly in place.
An agreement in principle was issued to the broker within 60 minutes with the brokers request for a sizeable day 1 drawdown approved and in place for the developer.
Based on our analysis of the project managers Mint provided a further safety net for the developer by ensuring their was an additional £9,000 built into the facility for contingency. The exit was on property sales with no additional fees based on early exit of full requirement of facility.