Mint Property Finance has provided a standard bridging loan for a client, following them being let down by another lender.
The facility was required by the borrower to fund a plot of land purchased at auction with planning permission already in place, and on which they had been served notice to complete within 10 working days or face losing the land and their 10% deposit.
Using two un-encumbered buy-to-let properties within the borrower’s existing portfolio, which together presented sufficient equity to cover the purchase price, Mint Property Finance was able to provide a loan for the full desired value.
The lender fast-tracked proceedings using tits no valuation product and new streamlined legal process, allowing Mint’s panel of solicitors to use title insurance to complete the loan in eight days.
The loan provided was 66% LTV over a 12 month-term and the borrower approached Mint Property Finance direct.
