<
p>North West-based bridging lender, Mint Bridging, recently completed the re-finance of an existing bridging loan which is understood to have exceeded company records.
The client had been attempting to exit its existing bridge via term funding from a high street bank, but had experienced delays and the incumbent lender was applying increasing pressure to recover its funds. As a result, the client was facing potentially devastating penalty charges.
It became clear that the term loan would be delayed still further, so the client approached Mint Bridging only two days before the redemption date.
Mint’s team swung into action, inspected the property, met with the client and agreed to provide a facility of £500,000.
As soon as the client agreed to proceed, Mint’s in-house legal team, headed by Gaynor McCormick, began working on title investigations and provided security documents within two hours, as well as liaising throughout the process with one of its recently appointed panel solicitors.
The funds were then immediately transferred to the existing mortgagee’s solicitors held to order
Managing Director of Mint Bridging Andrew Lazare commented: “I believe we are the only bridging lender to demonstrate good faith in this way and as we control our own funds, we don’t have to submit to additional underwriting by an outside backer.
“Clients can clearly see that we have the money to proceed and that there will be no last minute withdrawals. We have invested heavily in new personnel in recent months and Gaynor did a tremendous job in working with the solicitors to get this loan funded so quickly.”
Andrew added: “We completed the deal in 36 hours and saved the client considerable expense. This is the fastest I have ever completed a loan in over 10 years of running a bridging company.
“I couldn’t understand why the existing lender didn't just work with the borrower to extend the loan for a few weeks until the long term finance was in place, as the quality of security was good and the client has an exemplary track record of similar projects. We have seen similar situations quite regularly in recent months, but we shouldn’t complain, as we are always happy to consider a re-bridge if the deal stacks up.”
The borrower commented: “The speed and efficiency with which Mint worked was incredible. If I had missed the deadline to repay the existing loan I would have been liable for over £20,000 additional interest! The Mint team did an amazing job for me in very tight timescales and I am now able to complete the development, which is already part-sold.”
Richard King, BDM at Mint commented: “We have been pushing our re-bridge product for some time and the feedback and deal flow has been very good. The speed in which we completed this Loan demonstrates our willingness to back our own underwriting process and an ability to deliver within very restricted deadlines.
“We have listened to our brokers and their demands and we are introducing more innovative products to keep increasing business - we recently launched our GDV Development Finance Product and will soon be launching an 80 per cent Loan to Value product on property purchases.”
North West based bridging lender Mint Bridging recently completed a refinance which exceeded company records .
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