Mint Property Finance has launched a new commercial bridging product as the specialist finance company reports sustained significant growth.
The new bridge joins Mint’s portfolio of ‘Power Products’, providing a greater breadth of options to brokers and borrowers looking for alternative finance.
Catering for those looking to purchase or refinance light use commercial properties, Mint’s commercial bridge offers up to 70% loan-to-value (LTV).
Loans range from £75,000 to £1,000,000 with 12-month terms.
Further adding to the appeal of the competitively pitched bridging product, which is available in England and Wales on properties up to £1,500,000, the commercial bridge sees a desktop valuation on up to 50% LTV (loans over 50% LTV will be subject to an RICS assessment) with heavy adverse credit considered where the exit is sale. Interest can be serviced or deducted.
The launch brings Mint Property Finance’s total number of ‘Power Products’ – market leading products that continue to shape the future of lending, to seven joining the specialist lender’s Standard Bridge; High Value Bridge; Scotland Bridge; Light Works; Medium Works, and Heavy Works loans.
Mint’s best-in-class underwriting process and hand-picked legal panel, including five specialist legal partners, ensures that every loan is processed with the highest standards of service, identifying and addressing issues before they arise.
Andrew Lazare, founder & managing director of Mint Property Finance, said: “Whereas others ceased to lend or reduced their product offering throughout the pandemic, we’ve been pleased to not only continue lending, but to increase our specialist product range, increasing our visibility nationwide.
“We’ve invested significantly in sophisticated research tools which, coupled with the knowledge of our rapidly expanding expert team and close working relationships with direct borrowers, brokers and professional introducers, has enabled us to accurately forecast developments in the market and tailor our products to suit, maintaining our competitive advantage.
“The launch of our commercial bridge is just the latest example of this as we see an increasing number of vacant commercial properties in towns and cities across the UK remodelled.”
The announcement follows news Mint Property Finance has secured a multi-million-pound block funding facility from Aldermore Bank which Lazare added: “will enable the business to further grow its portfolio of products with a focus on longer-term loans such as 3–5-year term products and buy-to-let mortgages.”
