Purpose of Loan: Property Purchase
Loan Amount: £162,500
Term: 12 Months
Security: 1st Charge
Agreement In Principle: Within 60 Minutes
Drawdown: Within 14 working days
READ ABOUT THE CASE
Overcome Short Lease Reservations
Mint was approached by the broker who needed a quick turnaround on a property purchase which had a short term lease remaining, this had been an area of concern for a number of lenders during their search for finance.
Working with the clients and their representatives Mint received all the relevant information in regards to the serving of a section 42 for the lease extension and were happy to proceed with a loan of £162,500 over 12 months.
Even though there were initial reservations due to the short lease term we were able to provide a decision in principle within 60 minutes with the understanding of a review of the section 42 documentation. All due-diligence was undertaken by our in-house underwriters plus legals and following this the facility was ready for drawdown within 14 working days with plenty of time for the developer to secure the property.