Sinead Moynihan, head of sales at Mint Bridging (pictured above), 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.”
The lender has devised a new development product that is based on a maximum four-house scheme, with a loan value of up to £750,000 at a rate of 0.89% and 55% LTGDV.
Alternatively, for those impacted by building delays, or unable to offload their premises, Mint is offering a development exit loan.
It is available to those seeking loans up to £750,000, based on a maximum six-house scheme, up to 65% LTV at 0.89%.
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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 [these] 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."
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."