Mint Property Finance

Mint Property Finance launches light works loan with up to 75% LTGDV

Mint Property Finance has announced the second in a series of new ‘power products’ in a drive to change the future of lending.

The light works loan offers up to 75% LTGDV with rates from 0.70% per month, with the option of rolled-up interest.

It is available on residential properties in England and Wales and is applicable for works of up to £100,000 and on loans ranging from £75,000 to £1m.

The specialist lender also provides customers with the opportunity to borrow up to 100% of works for a loan term of up to 12 months.

The bridging product has been designed for experienced borrowers with a track record of similar projects preferred.  

“The last 18 months have had a profound impact on the UK property market, with a significant rise in renovation and refurbishment projects undertaken,” said Andrew Lazare, founder and managing director of Mint Property Finance (pictured above).

“While the demand for bridging loans has grown, along with the breadth of applicants we’re seeing coming through the door, the range of products available on the market hasn’t,” he claimed.

He added that borrowers should have the opportunity to leverage their experience and net assets to borrow more money.

“The reality is that a borrower experienced in developing properties is going to be far more accurate with their planning and realistic as to costs, and thus much less of a risk to a lender — we believe that should be recognised.  

“While we’ve always had a strong offering for our light works product, the ability for us to now offer rolled-up interest on this product is a game changer for us as it allows us to compete with more of the established lenders in the market.” 

The finance provider will apply light touch monitoring to projects, with funds released on the strength of photographic evidence rather than personal inspections.

The latest product joins Mint Property Finance’s recently launched standard bridge, which is offered at up to 85% LTV with rates from 0.4% per month.

Earlier this month, the business introduced a new leadership team to further encourage best practice. 

The announcement was the latest in a series of developments for the company, including three new recruits.

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.

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