Review October’s Top Bridging Deals

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With millions funded in bridging loans in October from our underwriters we have asked two members from the bridging speed team to provide a highlight deal they completed last month. This is in their own words their top deal and why. On reading the below cases should you too require a loan agreement in principle then don’t hesitate to submit your request:

Amy's Case

Purpose of Loan: Property Purchase
Loan Amount: £162,500
Term: 12 Months
Security: 1st Charge
Agreement In Principle: Within 60 Minutes
Drawdown: Within 14 Working Days

READ ABOUT THE CASE

Case Details

Avoidance Of Additional Fees

Mint was approached by the broker who needed a quick turnaround on a property purchase which had a short term lease remaining, this had been an area of concern for a number of lenders during their search for finance.

Working with the clients and their representatives Mint received all the relevant information in regards to the serving of a section 42 for the lease extension and were happy to proceed with a loan of £162,500 over 12 months.

Even though there were initial reservations due to the short lease term we were able to provide a decision in principle within 60 minutes with the understanding of a review of the section 42 documentation. All due-diligence was undertaken by our in-house underwriters plus legals and following this the facility was ready for drawdown within 14 working days with plenty of time for the developer to secure the property.

Adam's Case

Purpose of Loan: Investment
Loan Amount: £815,000
Term: 6 Months
Security: 1st Charge
Agreement In Principle: Within 60 Minutes
Drawdown: Within 9 Working Days



Case Details

Speed Was Of The Essence

The client required a cash injection into their business and had a deal in place with a new lender to refinance an existing commercial loan. However, the new lender's timescales proved to be too long so the borrower turned to Mint to speed up their drawdown.

Mint’s speed underwriters provided a deal in principle (which was agreed by the borrower) and completed a swift due-diligence review of the client's business and trading history to progress the loan to drawdown.

Further to the due-diligence undertaken we were also able to provide a loan at more favorable rates and with an increased LTV covenant compared to the initial refinance deal the borrower was pursuing. The client was extremely happy as they were able to drawdown within 10 working days.

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