The broker’s client operate predominantly in the northwest of the UK and particularly focus on auction and renovation projects. The goal of the developers is to repeat their model which has seen them grow their portfolios over a number of years which is to buy in a good yield location and to undertake light to medium renovation. The goal of the broker was to ensure the client was approved and ready to draw down at speed.
The developers have set realistic timelines during the renovation process and have applied additional months within the redemption period to allow for the sale the developers have done this with the knowledge that when working with Mint should they either sell or look to refinance the property before the loan completion they will not be charged any additional fees. From a client relationship perspective, our intermediaries were kept up to date at every stage of the process to provide complete transparency.
As with the majority of auction finance deals speed is of critical importance with this purchase. This project was no different however the developers approached us deep into their 28 days post auction required payment period as their lender had pulled their funding offer due to a mine shaft close to the proximity of the property.This is where Mint’s auction funding solution really came into its own as we were able to provide funding for drawdown within 7 working days, within which time asset management and quantity surveyors completed the necessary requirements.
Initially, the developers looked to complete the project within 6 months but changed the terms two additional times to allow for a longer built which Mint facilitated without any additional delay to draw down timelines. When Mint was approached by the broker there was with an extremely short window to complete on a purchase. Our auction finance with the aid of our specialist underwriters ensured the developers didn’t lose funds and most importantly the property itself.
The ability of our auction funding to be flexible and work with the client’s requirements within a very short completion timescale ensured the deal was able to complete, the broker retained a healthy relationship with their client with the increased opportunity for future business. Further to this, the broker was able to receive the commissions within the auction 28 day completion period without any holdup from Mint.
Should you require any funding pre or post-auction then contact Mint today to discuss your needs or alternatively submit an eligibility check to discover your level of funds.