The Promenade, Blackpool
Funding to complete: May 2020
The developers are an experienced property development company who have a small but growing portfolio of developments throughout the UK. They focus on adding value to properties and converting existing sites into apartments with this site in particular noted as one of their most ambitious projects to date consisting of a development of 7 apartment over a commercially trading ground floor premises.
Mint was approached by an intermediary at a critical point of the development as the developer was into an extension of their initial loan and the broker was looking for new funding for the client. Having initially sourced new funding the lender then revoked the finance due to overexposure concerns. Mint worked with the broker to provide a funding package that ensured speed and that their client was protected against any initial loss.
Given the time critical nature of the funding required the commercial team at Mint once approached quickly reviewed the case and had an agreement in principle with the broker in under 60 minutes which was agreed by their client the same day for the sum of £455,000. We agreed to accept a retype of the existing valuation report carried out for the original lender, and also did not require valuations for either of the two additional securities which we had in the background. The underwriting team delivered the finance and worked with all relevant third parties to ensure the first draw-down was able to occur within 14 working days from initial contact.
The speed of funding allowed the development to continue at earnest without the project being susceptible to more cost and reinforce the broker’s relationship with their client due to the quick resolution under trying circumstances. Further to this due to the quick turnaround Mint was able to save the lender £60,000 in deposit and extension fees. Working to the outlined broker prerequisites we were able to provide an increased day 1 drawdown of over 95% to refinance the overall loan.
Should you require client commercial finance for any new upcoming projects then you can submit a deal for an AIP now. Alternatively, contact mint today on 0161 710 2006 to discuss your requirements in greater detail with an underwriter direct.