Case Study: £150k Sheffield development

By Bridging Loan Directory 4th March 2016

Family run, privately funded Mint Bridging came to a client’s urgent request on a project that was inundated with problems from day one.

The two developers had initially bought a closed Sheffield pub at auction. Once they had obtained planning consent to convert the building into two terraced houses, the developers contacted Mint to fund the conversion works. Their objective was to sell the finished homes off, for a profit.

The clients were originally handing the project management of the build, by hiring sub-contract tradesmen. Nevertheless, it quickly became clear that they were having problems managing the project, primarily ruined by unforeseen structural issues and ultimately, an overrun of costs. This resulted in the development stalling, suppliers exerting extreme pressure and finally, one of the partners walking away from the deal.

Mint’s team came into action during a national holiday, heading up an urgent site meeting. Andrew Lazare (Managing Director), Kim Osbourne (Underwriter) and Mint’s in-house Quantity Surveyor were extensively involved throughout, providing £150,000 additional finance. With the client stepping to the side, Mint’s expert team took complete ownership by appointing new contractors, fully overseeing the development to completion, and taking over the project management.

Mint’s client expressed sheer relief, confirming:

“I was under tremendous pressure from suppliers & tradesmen resulting from these mass issues. It was incredible that Mint’s Director and team came out personally to provide me, and my family, reassurance. Knowing they were available at all times meant a lot, especially with their continuous, hands on involvement.”

Andrew Lazare added:

“This project was in quite a mess so Mint had to step in fast, to ensure the tasks were completed on time and the full team were up to speed at every stage. We’re happy our client is satisfied with the results. Our focus isn’t purely about lending bridge or re-bridge loans, it’s about hand holding the client through the full term.”