Hulland Ward , Derbyshire
Project to complete: June 2020
The developer of Darne Mews in Derbyshire are a very experienced developer who undertakes large scale ground-up developments. Due to the initial loan sourced by the intermediary fastly approaching deadline, the broker needed to source new finance to restructure the development funding.
With the project close to completion and retaining ample capital due to the stage, the development was at the focus from the intermediary was to source the most appropriate package for the client. The development was 80% complete and was set to provide 12 contemporary family 5-6 bed homes within a premium price range.
Originally the developer had utilised a development loan to fund the construction of the 12 properties, but with 2 properties remaining to be constructed and timelines to repay the initial borrower the Mint was approached to refinance the project with speed being imperative to ensure no expensive overrun costs from the initial development loan.
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 to the broker which was agreed the same day so that the finance agreement could go to underwriting the same day.
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. The intermediary’s commissions were released on the same day as day 1 of the loan drawdown.
Mint’s bridging team were able to work with the client and broker to ensure their initial lender’s 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 clients bridging needs for quick access to finance, alternatively submit an AIP check to discover your clients bridging finance eligibility.