Mint rescues client after bank pulls funding

Mint rescues client after bank pulls funding




Mint Bridging funded a £500,000 development loan to aid the completion of four new build houses in the Home Counties..

Mint Bridging funded a £500,000 development loan to aid the completion of four new build houses in the Home Counties.

The client had completed two of the houses but needed a further £80,000 to finish the remaining two, with the original development facility due to be repaid.

An unfortunate chain of events, including supply shortages and disputes with surveyors, led to delays and cash flow troubles and resulted in the client’s bank pulling its funding.

Mint offered initial terms of 74% LTV and then drew down the balance in stages against the gross development value of the project.

Although this was above its maximum LTV, Mint was confident the client could deliver on the project.

It ended up with an LTV well below 65% on completion.

Paul Wertheim, Operations Director, said: “We pride ourselves on a pragmatic approach, and having met the clients on site, could see that they had been unfairly treated by the bank.

“Being privately funded, we have the flexibility to make common sense lending decisions.”
 

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