Mint Bridging , which specialises in short-term property finance, has released two new products specifically for the building development market, as it looks to help businesses continue building amid COVID-19.
Sinead Moynihan, 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.”
These products chime the Secretary of State for Housing, Communities and Local Government, Robert Jenrick’s recent comments in which he said: “A vibrant housing market means more than just buying and selling homes. We need to get building again, and Britain needs that.”
Moreover, Mr Jenrick also outlined further steps to support safe house building, such as more flexible hours working on construction sites and the ability for developers to apply for extended working hours, until 9 pm in residential areas and beyond that in non-residential areas, all in
a bid to keep Britain building.
For those looking to drive ahead with 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 competitive rate of 0.89%. What’s
more, 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 again a competitive rate of 0.89%.
Joel White, managing director at Ramsay & White , commented: “The launch of Mint’s new products is a welcome step towards getting the economy back on track and Britain building again. We know it’s tough out there but products like this make a real difference to people’s lives and livelihoods, especially at a time when many are returning to work as lockdown begins to ease and some normality is restored.”
With more than 100 years’ collective experience, Mint Bridging’s team has a long history of lending – with particular expertise within the building development market. The company prides itself on its ability to build, nurture and grow relationships with both brokers and borrowers, by offering fair loans that are competitively priced.
Sinead added: “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.”
For more information regarding these products, as well as Mint Bridging’s other services, you can contact the team by calling 0161 710 2006 or emailing firstname.lastname@example.org.