Mint Bridging launches special product for loans up to £400,000
Short-term property finance specialist Mint Bridging has launched a special product designed with the COVID-19 pandemic in mind.
This follows its launch in April of a product designed for customers seeking kerbside property loans while adhering to social distancing and lockdown restrictions.
The new product is available to those seeking loans up to the value of £400,000 until 31 May.
It has a maximum loan-to-value ratio (LTV) of 65% and a competitive rate of 0.89%, with no exit fee for loans over £100,000.
Loans below this amount include an exit fee of £1,500.
In addition, Mint Bridging is supporting the use of desktop valuations.
Sinead Moynihan, head of sales at Mint Bridging, said: “Although April was a particularly demanding month for us, as it was for businesses of all sizes, up and down the country, we were able to undertake over 40 transactions.
“Our team [worked] incredibly hard from their own homes, continuing to offer the great service our clients expect.
“What’s more, we have a strong pipeline of loans in place and can offer competitive products that meet the unique challenges of the current economic climate.
“Of the April transactions, 18 included borrowers who had development loans requiring drawdowns to keep them building – a feat we’re particularly proud of.
“Our goal now, as it always has been, is to support those within the property sector by providing products they can rely on and a team they can trust.
“With this latest product we aim to continue to provide strong and stable funding that meets the unique requirements of the COVID-19 crisis, and in turn allow businesses to continue to move forward during this turbulent time.”