Mint completes £545,000 bridging loan in five days
Mint Bridging, specialists in bridging finance, has just completed on a loan in 5 days. The original lender had pulled out of the bridging loan due to the complexity of the case so the broker approached Mint Bridging with a client who was in a panic, worried about being able to complete on time. The loan was for a second charge capital raise secured against two properties. A gross amount of £545,000 was required for a business acquisition.
This deal went straight to our underwriters who approved the loan in 2 hours, and worked around the clock to ensure that all underwriting including valuations, and Asset Manager visits, were completed in 24 hours. Due to our financial structure, we used our own money to fund the loan, hence no funding restrictions from external sources. At a 62% LTV we were confident of our due diligence, and 5 days later with all legals completed we were able to release the funds much to the delight of the broker and their client.
The broker called us to thank Underwriter Kim Osborne, pictured, and even took the time to singular praise her and the company saying:
“Kim deserves a big thank you and she showed great adaptability and truly hand crafted this deal…all at an incredible pace. Praise where praise is due. It’s been 5 days of solid work with its ups and downs but worth it to deliver this bespoke deal for our client. Great team work, thank you.”
Andrew Lazare, Managing Director of Mint Bridging said:
“It was a pleasure to work with the broker on this deal. They came to us with this dilemma and we were not only able to help them in record time, we were also able to craft the loan to meet the borrower’s needs, something we do every day. In line with our company objectives we communicated with the client on a daily basis, we were able to take a commercial view based on our experience and knowledge in the market, and as I was using my money I was confident that all the processes had been followed at it was a good deal to be done. I am always proud of my team and on this occasion they really rose to the challenge and delivered once again.”