Aldermore bank has provided a block bridging facility to Mint Property Finance.
Up until now Mint Property Finance has been funded exclusively by private investors. It comes as Mint Property Finance looks to accelerate its growth plans and introduce new products.
Aldermore’s block bridging allows independent funders to raise capital against future income from bridging finance contracts in place between them and their customers. The business’s block bridging product is core to its wholesale offering, providing benefits to independent funders like Mint Property Finance and the customers they serve.
Matthew McNeile, business development manager for asset finance at Aldermore, said: “We’re excited to provide this facility to Mint Property Finance, a well-established and experienced lender in this space. We look forward to supporting the business’s on-going growth.”
Andrew Lazare (pictured), founder and managing director of Mint Property Finance, added: “This is a key milestone in the business’s history. As we move rapidly towards our £250m loan book target we wanted to partner with an institutional lender. We looked at many facilities with many lenders but felt that Aldermore was the right partner for us.
“The facility gives us more firepower to write even more business and further broaden our product offering. Now we have an institutional lending partner onboard to maintain our competitive advantage across our bridging products, we intend to turn our focus towards providing more longer-term loans such as three to five-year term products and buy-to-let mortgages.
“I’d like to thank the team at Aldermore for its support in getting the facility in place.”