Mint Bridging completes lock up garage loan

Mint Bridging completes lock up garage loan




Privately funded lender Mint Bridging has continued to expand its broad lending criteria range after recently completing a loan secured against a lock up garage….

Privately-funded lender Mint Bridging has continued to expand its broad lending criteria range after recently completing a loan secured against a lock up garage.

LTV: 70 per cent
Completion date: 15th December 2014
Broker: Alan Davey of Altius Capital
Area: Central London

Always prepared to consider the more complex lending opportunities, Mint Bridging has completed a loan secured against a lock up garage based in Central London.

Commenting on the interesting deal, Andrew Lazare, Managing Director of Mint Bridging, said: “It might seem a bit odd that we would want to invest in what is effectively only an outbuilding, but there are sound reasons behind our decision. As with all submissions received, we looked beyond what was obvious at the outset and made our considered decision based on the whole background to the case.”

The location of the garage was in a very high value area of Central London, where off street parking is limited and therefore the need for secure vehicle storage from nearby residents is extremely high.

After receiving the enquiry about the garage, the bridging lender undertook an initial appraisal and then sent its in-house Asset Manager to the site to investigate further.

Mint was “convinced” to proceed with the deal after the inspection was successful, and the borrower’s credit worthiness was established.

With a growing number of loans made in London and the South East, Mint will be recruiting additional personnel to service the increasing volume of loans and the firm’s planned expansion during 2015.

Mint Bridging had a successful year in 2014 after it announced the appointment of a new Operations Director and a new Head of Legal in Q4 of last year. It also launched a six suite product range earlier in the year.

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