Mint Bridging has introduced two new products designed for the building development market.
For those looking to progress their development, with workers operating safely back on site, Mint has a specific new development product. Based on a maximum four-house scheme with a loan value of up to £750,000, this product provides a rate of 0.89%. Mint argues the 55% loan to GDV (gross development value) is reflective of the current climate, providing a product that offers safety for borrowers, brokers and lenders alike.
Alternatively, for those impacted by building delays or unable to offload their premises due to the ever-changing market, i.e. properties not selling in light of changes to personal circumstance and/or mortgage limitations etc, Mint is offering a specific development exit loan. Available to those seeking loans up to the value of £750,000, based on a maximum six-house scheme, the product has a maximum loan to value ratio of 65% and has a rate of 0.89%.
Sinead Moynihan (pictured), head of sales at Mint Bridging, said: “We have, like others in the market, to this point offered solely new bridging loan products, with Covid-19 in mind. However, we noticed a gap in the market for development-specific products and knew that it was necessary to widen our product portfolio with development loans that measure up to the needs of our brokers and borrowers at this difficult time.
“The building development market is unique and it’s for this reason we’ve had to carefully look at what products we could release that would be most beneficial to both brokers and borrowers. We hope that these two new loans will help many who’ve found themselves in a difficult situation amid the Coronavirus crisis yet are eager to keep Britain building.”