Andrew Lazare, Mint Property Finance

Mint launches bridging product at up to 85% LTV

Mint Property Finance has introduced a new standard bridging loan at up to 85% LTV with rates from 0.4% per month.

The announcement is said to be the first in a series of new ‘power products’ from the lender.

The offering provides borrowers with the opportunity to borrow up to 10% more than traditional bridging loans, which are largely capped by competing lenders at 75% LTV.

The standard bridging loan is available between £75,000 and £2.5m on properties secured in England and Wales, with terms of up to 12 months.

In addition, Mint has scrapped its minimum term, with no valuation or personal guarantee required on loans of up to 65% LTV.

Foreign nationals can also secure loans up to 75% LTV.

“We believe that borrowers with a proven track record and experience ought to be able to borrow more money from us without us having to seek additional security from them,” said Andrew Lazare, founder and managing director of Mint (pictured above).

“Provided the exit strategy is sound, we are able to now offer enhanced, market-leading LTVs.

“In addition, we have benchmarked our prices against our competitors to ensure we are competitive across the whole LTV spectrum with our rates starting at 0.4% per month, which is comparable to some challenger banks.”

He added that the privately funded lender’s new products were a “long time in the making”.

The business confirmed it can also provide partners with a price match guarantee.

In April, Mint recorded its biggest ever month in its 10-year history, having seen a 19% increase in completions and a 32% uptick in enquiries.

It follows the unveiling of the finance provider’s new brand identity and the announcement of its three-year commercial strategy.

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