Purpose of Loan: Business 2nd Charge Re-payment
Loan Amount: £125,000
Term: 18 Months
Security: 2nd Charge
Agreement In Principle: Within 60 Minutes
Drawdown: Within 8 days of acceptance
READ ABOUT THE CASE
Avoidance Of Additional Fees
The borrower needed to secure funds quickly in order to avoid incurring additional fees on a second charge, which was set to expire
Given that the client was looking for a second charge loan the deal was proving difficult for a number of providers to deliver at speed due to second charge consent being required. Mint had an agreement in principle for the borrower within 60 minutes and was also able to further speed up delivery by allowing the loan without the requirement of a valuation.
We provided a £125,000 loan, that completed within 5 days allowing the borrower to refinance the existing second charge and provide much-needed working capital into their business. The loan drew down within 8 days.