2020 has started with a number of ambitious projects being funded by our speed bridging team. We asked 2 of our bridging underwriters to select their best funded loan to display our flexibility to meet intemediary needs:
Purpose of Loan: Refinance
Loan Amount: £289,250
Term: 12 Months
Security: 1st & 2nd Charge
Agreement In Principle: Within 90 Minutes
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 mortgages 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 acquired 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.