Mint Bridging has launched an 80% LTV bridging product, aimed at developers carrying out medium to heavy refurbishment projects.
The privately funded bridging lender product says it is specifically targeted at experienced developer clients undertaking projects such as splitting houses into apartments, converting commercial properties to residential or full renovation of ‘tired’ houses.
Loans from £100,000 to £1,000,000 are available on a non-regulated first charge basis, for properties in England and Wales.
Mint Bridging said the key element is that the client has all of the refurbishment monies set aside for the works, but is short of the deposit needed to fit traditional bridging loan criteria.
Paul Wertheim, operations director at Mint Bridging, said :”We have been trialling this product since spring and received an overwhelmingly positive response. We’re sure that eyebrows will be raised by the high LTV, but we have established an effective underwriting and loan monitoring policy that enables us to manage any perceived increase in risk.”
Andrew Lazare, managing director of Mint Bridging, added: “This product launch caps what has been an outstanding year for us. We have lent a record amount, had record redemptions and hired fantastic new recruits. But we are not resting on our laurels and are already working on a whole new suite of products to launch in early 2016.”