Hulland Ward , Derbyshire
Project to complete: June 2020
The developer are a very experienced developer who undertakes large scale group-up developments. The developer’s goal was to produce high-end homes in the Ashbourne area of Derbyshire that provided contemporary family 5-6 bed homes within a premium price range.
Given the scale of the build type of development’s timescales can be longer than and average ground-up development which is the reason why Mint was approached for bridging finance. Originally the developer had utilised a development loan to fund the construction of 12 properties, but with 2 properties remaining to be constructed and timelines to repay the initial borrower, the client required a refinance agreement.
Mint was approached with deadlines for the initial development loan repayment fast approaching and with speed of funding imperative to the agreement our underwriters supplied an agreement in principle within 60 minutes.
Our underwriters provided a bridging loan of £711,000 which was available for drawdown within 14 working days, which applied a second charge against the final two properties with a 12 month repayment period. Mint looked to provide security with 12 month period to allow for resale but also worked with the borrower to provide a free exit fee at point of sale.
Mint’s bridging team were able to work with the client and their initial lender to ensure that deadlines were met an no additional fees were applied to the initial development loan which Mint was to redeem.
Speak directly to a Mint Bridging underwriter today to discuss your bridging needs for quick access to finance, alternatively submit an eligibility check to discover your level of bridging finance.