Andrew Lazare, Managing Director at Mint Bridging, claims that while it has always seen a steady stream of re-bridging enquiries, there is no doubt that in the last three months, the number has increased. Like many lenders, Mint looks at each loan on a case-by-case basis.
“Many of these opportunities we’ve seen are a result of lenders either closing down or running out of funds par way through a project,” says Andrew. “Ultimately, they can’t release the balance of the monies on retention, to complete the works. This has left borrowers in a dire predicament needed to look elsewhere for fresh funding to complete projects.”
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