Mint completes £569k bridge in 72 hours
By Tom BelgerMint Bridging has broken its record for a bridging loan turnaround, providing a client with £569,000 in just 72 hours
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The client approached Mint after taking out a 12-month loan with another bridging lender but wanted a six-month extension.
The original lender proved uncooperative and was unclear whether it would extend or not.
This left the client feeling anxious and concerned about potential penalties if the original term expired.
The client therefore asked if Mint to step in to refinance the bridge and provide additional capital to complete the development.
Although Mint did not have a valuation to hand, it appointed a RICS surveyor who completed the inspection and report within 24 hours.
This allowed Mint to complete the loan – which was further complicated as it was secured over five different properties – within three days of agreeing to advance the funds.
Andrew Lazare, Managing Director at Mint Bridging, said: “This was a tricky case and I’m very proud our team rallied so fast.
“There were many moving parts that needed assessing in such an extreme crunch time so we had to beat the clock before the client’s prior bridging penalties kicked in.”
Andrew added that the deal required digging deep into the situation and rapidly stepping back, multiple times, in order to determine the full scope.
“Priding on our hands-on approach, we challenged ourselves with unique methods and it paid off,” said Andrew.
“We’re pleased our client was happy, relieved and satisfied with the way we came to a successful result.”
Keywords: Bridging Finance, Commercial Finance, Bridging Lender, Commercial Lender, Alternative Finance, Broker news, Bridging loans, Mint Bridging, Andrew Lazare, Medianett