The client required funding to complete the purchase of a chalet-style bungalow, and once purchased, obtain development finance to develop the property.
After the client realised this set up would not be commercially or financially viable, his broker turned to Mint who chose to venture into a full-scale development deal from the outset.
Due to the very short timeframe within which the purchase had to be completed, Mint opted for a multi-track approach by instructing its solicitors, asset manager and quantity surveyor immediately.
The borrower was an experienced property investor with a number of other properties within his portfolio, but this was his first attempt at property development.
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All parties agreed that the bungalow required side and rear extensions, plus a mezzanine increasing floor area, which resulted in the layout of the property being flipped on its head.
Following some last-minute changes to the build cost, Mint had to swiftly revise its security documentation and restructure the planned retention release.
These changes resulted in an increase to the LTGDV from 57% to 62% with all the original terms honoured.
Andrew Lazare, managing director at Mint Bridging, said that this was a deal that required meticulous attention, based on so many changes within such a short timeframe.
“The client trusted our advice and the Mint team [was] constantly thinking outside the box.
“It was one of those rare and tricky situations that had a tremendous amount of moving parts, but the type that Mint truly excels at.
“We’re really pleased with the results and, more importantly, that the client received exactly what they were aiming for.”