Mint Bridging has completed on a loan in five days.
The original lender had pulled out of the bridge due to the complexity of the case so the broker approached Mint Bridging with a client who was worried about being able to complete on time. The loan was for a second charge capital raise secured against two properties. A gross amount of £545,000 was required for a business acquisition.
Mint Bridging underwriters approved the loan in two hours, and worked to ensure that all underwriting including valuations, and Asset Manager visits, were completed in 24 hours. The lender used its own money to fund the loan, which was at 62% LTV. Five days later, all legals were completed and funds were released.
The broker thanked underwriter Kim Osborne, saying: “Kim deserves a big thank you and she showed great adaptability and truly hand crafted this deal … all at an incredible pace. Praise where praise is due. It’s been five days of solid work with its ups and downs but worth it to deliver this bespoke deal for our client. Great team work, thank you.”
Andrew Lazare, managing director of Mint Bridging, added: “It was a pleasure to work with the broker on this deal. They came to us with this dilemma and we were not only able to help them in record time, we were also able to craft the loan to meet the borrower’s needs, something we do every day.
“In line with our company objectives we communicated with the client on a daily basis, we were able to take a commercial view based on our experience and knowledge in the market, and as I was using my money I was confident that all the processes had been followed at it was a good deal to be done. I am always proud of my team and on this occasion they really rose to the challenge and delivered once again.”