Mint Completes £262,500 – Rescues Client from Dire Auction Complication

01 May 2018

Mint Bridging has completed a £262,500 loan in seven days, rescuing an applicant from an auction disaster: The loan was to facilitate the purchase of a 9-bedsit Edwardian villa. When Mint was approached, the purchase was already in severe difficulty with another lender having failed to provide funding, leading to the client engaging a new broker. The standard 28-day completion period had expired, and the client had already received notice, leaving just eight days to complete.

Mint was approached at 16:15 on a Friday teatime and within an hour, had approved the credit and released the facility letter. Solicitors and the valuer were subsequently instructed and the valuer undertook the inspection over the weekend.

The valuation was received on the Monday morning and the underwriter interrupted his holiday to work on it. Mint’s Head of Underwriting personally worked on the case late into the evening to finalise the legals.

The loan completed seven working days after the initial enquiry, and just 24 hours before the notice period expired.

Mint’s Managing Director Andrew Lazare said “This case perfectly demonstrates what can be done when all of those involved work as one team. We had superb support from our valuers, the lawyers and the introducing broker.”

The broker commented “I was delighted with the support we received from Mint who really understood the urgency. Huge credit goes to Mint’s staff who went the extra mile. I have an extremely relieved client.”

For further information visit www.mintbridging.co.uk and @MintBridging : https://twitter.com/Mintbridging

Mint Bridging has been operating since 2011, offering uniquely structured, handcrafted short-term bridging loans (up to £5 million) that borrowers use to fund property purchases, refinance, second charge loans or development projects. As the business is privately funded, third parties do not dictate lending decisions. This results in their brand strategy generating faster loan conversions.

For brokers looking for a fast, flexible and original approach to borrowing, Mint has a team of 30 people with six mandated underwriters. Sinead Moynihan heads up the sales team, while Richard Showman manages the underwriting team. Andrew Lazare and industry magnate Mark Abrahams run the business.