It was created for clients seeking loans for kerbside residential properties, as well as town and city locations.
The offering is available until 30th April, for loans up to £400,000 with a 50% maximum LTV, at a rate of 0.89%.
The product requires no valuation and there is no exit fee for loans over £100,000. Those under £100,000 include an exit fee of £1,500.
- TAB x B&C Magazine: Lenders and developers urged to be 'more opened minded' to changes in tech
- Why now is a good time to take stock
- HTB lowers LTVs in response to material uncertainty clause
Sinead Moynihan, head of sales at Mint Bridging (pictured above), said: “After carefully reviewing the marketplace, in light of Covid-19, we felt that there was a need for a product that met the unique demands of this crisis.
“The new product that we've brought to market allows people to adhere to the current ‘stay home’ policy, as no valuation is needed, and all necessary legal work can be done remotely, e.g. via video conferencing.
“It provides a workable solution for those struggling to find funds, and we hope will allow many to continue to work and maintain business during this difficult time.”
Nicholas Christofi, co-founder of Sirius Property Finance, applauded Mint for “bringing a realistic and workable product offering to market, during a time when many are struggling.”
Leave a comment