The product is for loans between £100,000 and £1m and is available on a non-regulated first charge basis for properties in England and Wales.
The key element to the product is that the client must have all of the refurbishment money set aside for works, but is short of the deposit needed to fit traditional bridging loan criteria.
Richard King, Business Development Manager, said: “We have been trialling this product since the spring and experienced an overwhelmingly positive response.”
“I’m sure that eyebrows will be raised by the high LTV, but we have established an effective underwriting and loan monitoring policy that enables us to manage any perceived increase in risk.”
Andrew Lazare, Managing Director at Mint, said the product launch has capped an outstanding year for the lender after recent appointments to its underwriting team and its business development team.
“We have lent a record amount, had record redemptions and hired fantastic new recruits,” added Andrew.
“But we are not resting on our laurels and are already working on a whole new suite of products to launch in early 2016. Watch this space!”
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