Mint Bridging has seen a rise in demand for its heavy refurbishment and development finance products during 2017
Speaking to Development Finance Today, Connor Hornby, underwriter at Mint Bridging, said it was seeing many developers struggle for finance.
“Heavy refurbishment and development, without a doubt, is proving a lot more popular in this market than it had been compared to last year,” said Connor.
“We are seeing many developers who are struggling to obtain finance, where once it had been a formality.
“There are also newer, less experienced borrowers delving into development, but needing an expert team behind them, so we’re pleased they’re turning to Mint for financing and advice.”
Mint has grown its team substantially across all departments during 2017 to service the larger volumes of enquiries from brokers.
“We have opened a new sales office, in the heart of [MediaCityUK] and additionally rebranded the company,” added Connor.
- Lender reports enquiry surge amid Funding Circle exit
- 69% of brokers expect development finance demand to increase
- Assetz Capital reports 175% increase in development lending
“Therefore, Mint looks forward to building on the same values we have always stood by, while proactively showcasing how far we’ve come with our handcrafted loans.
“We’re looking forward to ending the year on a high note, and going into 2018 ready to hit the ground running.”
As well as development finance, Mint has seen a rise in bridging finance across the UK and Connor said the lender had seen increased volumes of business from outside London.
“This ranges from our own backyard in the North West, to the likes of Bristol and Bath across to Colchester and Ipswich, which have also given tremendous business to Mint this year.”
Looking towards the end of the year, Connor said Mint was looking to continue its brand of promoting entrepreneurial, responsible knowledge and family values.
“Reviewing our processes as we always have done, continually looking to refine and improve the whole ‘customer journey’, as well as preparing for an exciting new year ahead of growth.
“In my new role as underwriter, the team and I are personally focusing on prompt completions, continuing our high levels of service and maintaining key existing relationships with introducers, as well as building new ones in expanded geographical regions.”