Mint Bridging completes £1.43m rebridge
The family run, privately funded short term lender, Mint Bridging, recently provided a £1.43m re-bridge against a newly completed conversion in Hampshire.
The client, a vastly experienced developer had originally acquired a Georgian Manor House in 2012. During that time, he received planning permission for numerous development schemes. The final phase involved creating a mews house and two luxury apartments, alongside selling off other properties on the site.
The conversion works had been completed but took longer than expected, and the original bridge was due to be repaid. The original lender would only extend at a high rate so the client contacted his broker for a refinance, priced on more reasonable terms.
With time very much of the essence, Mint’s core team set to work on getting the deal completed. Quite early on however, it became clear this was not a simple like-for- like swap of the original deal. This was due to the developer additionally selling off parcels of the building at the same time, adding further complications.
Paul Wertheim, Operations Director clarified:
“For our security, we were taking charges over three leaseholds and part of the overall freehold, which would enable the client to sell the other properties. Yet near to completion, other outstanding mortgages were appearing and easements needed to be granted over our security to enable sales of the various parcels to complete. We negotiated with numerous parties, spending long hours drafting and rewriting documents. Our borrower had direct contact with Mint’s key decision makers at every step of the way which this was crucial in delivering a positive outcome.
Andrew Lazare, Managing Director added:
“As the pioneer in rebridging, we must always take on each case with an entrepreneurial mind-set. Working with tight deadlines and addressing complicated title issues along the way, this particular deal confirmed we always deliver on big ticket loans and have the knowledge, ability and desire to solve challenging situations.”