Mint Bridging completes £569,000 bridging loan in 72 hours
In an example of how quickly a deal can happen, and where relevant experience is crucial, specialist bridging finance provider, Mint Bridging Limited, has just completed a bridging loan worth £569,000 in just 72 hours.
Commenting on the deal, Andrew Lazare, Managing Director of Mint Bridging said:
“We were approached by an existing borrower who had a 12 month loan with another bridging lender and sought a 6 month extension. He was beginning to feel anxious because the other lender was unable to commit, potentially prejudicing his loan and project.
It was at this stage that he asked us to step in to refinance the bridge and provide additional capital to complete the development. Despite not having a valuation to hand, we appointed an RICS surveyor who completed the inspection and report within 24 hours of inspection.
We completed the loan within 72 hours of agreeing to advance the funds to the borrower. It wasn’t a straightforward loan as it was secured over five different properties, but once we agreed to fund it, we ensured the deadline was met. All in all, it was a most satisfactory outcome for all concerned.”