Mint Bridging launches products specific to building development market
Mint Bridging has released two products specifically aimed at the building development market, as it looks to help businesses continue building amid COVID-19.
These products follow Secretary of State for Housing, Communities and Local Government Robert Jenrick’s recent comments: “A vibrant housing market means more than just buying and selling homes. We need to get building again, and Britain needs that.”
Jenrick outlined further steps to support safe house building, such as flexible and extended working hours.
For those looking to move ahead with development, Mint has launched its New Development Product.
This product is based on a maximum four-house scheme with a loan value of up to £750,000, and provides a rate of 0.89%, at 55% loan to gross development value (GDV).
Alternatively, for those impacted by building delays or unable to offload their premises due to the current market, Mint is offering a Development Exit Loan.
This is 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 a rate of 0.89%.
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.
She 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.”
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.”