Review September’s Top Development Deals

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Mint is renowned within the industry for going above and beyond in order to secure deals for borrowers and  intermediaries often in the face of very difficult circumstances. To illustrate such instances two of our bridging finance underwriters have provided their top deals in September. From the millions they have written in loans, 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:

Dave's Case

Purpose of Loan: Raise Capital
Loan Amount: £165,000
Term: 9 Months
Security: Development Loan
Agreement In Principle: Within 60 Minutes
Drawdown: Within 4 Weeks Of Initial Enquiry



Case Details

Flexibility Was Key

Mint was approached by a broker who needed to secure funds to undertake a development to convert commercial premises into a 7 bed HMO. With planning approved the developer was keen to get funding quickly in place.

An agreement in principle was issued to the broker within 60 minutes with the brokers request for a sizeable day 1 drawdown approved and in place for the developer.

Based on our analysis of the project managers Mint provided a further safety net for the developer by ensuring their was an additional £9,000 built into the facility for contingency. The exit was on property sales with no additional fees based on early exit of full requirement of facility.

Connor's Case

Purpose of Loan: Property Purchase & Development
Loan Amount: £780,000
Term: 12 Months
Security: 1st Charge
Agreement In Principle: Within 60 Minutes
Drawdown: Within 19 days of acceptance

READ ABOUT THE CASE

Case Details

Day 1 Drawdown Significance

The borrower needed to secure funds to purchase and redevelop a commercial property from one dwelling into two.

Mint worked at speed to ensure the brokers client could secure the property without delays. We expedited the process further by removing the asset valuation on security due to the client’s LTV being below 55%.

Further to this we provided the client with a day 1 drawdown of 70% of the total loan value so they were able to start their project in earnest. The client has also worked out a comfortable schedule of works with Mint to ensure the additional tranches are efficiently delivered at key milestones of the development.