Mint Bridging rescues client from potential auction disaster

By Bridging Loan Directory 1st May 2018

Mint Bridging has completed a £262,500 loan in seven days, rescuing an applicant from an auction disaster: The loan was to facilitate the purchase of a 9-bedsit Edwardian villa. When Mint was approached, the purchase was already in severe difficulty with another lender having failed to provide funding, leading to the client engaging a new broker. The standard 28-day completion period had expired, and the client had already received notice, leaving just eight days to complete.

Mint was approached at 16:15 on a Friday teatime and within an hour, had approved the credit and released the facility letter. Solicitors and the valuer were subsequently instructed and the valuer undertook the inspection over the weekend.

The valuation was received on the Monday morning and the underwriter interrupted his holiday to work on it. Mint’s Head of Underwriting personally worked on the case late into the evening to finalise the legals.

The loan completed seven working days after the initial enquiry, and just 24 hours before the notice period expired.

Mint’s Managing Director Andrew Lazare, pictured, said:

“This case perfectly demonstrates what can be done when all of those involved work as one team. We had superb support from our valuers, the lawyers and the introducing broker.”

The broker commented:

“I was delighted with the support we received from Mint who really understood the urgency. Huge credit goes to Mint’s staff who went the extra mile. I have an extremely relieved client.”