Mint Bridging has provided £413,000 for a developer to refurbish a property in Kent.
The client planned to extend the floor space of three bedroom house in Whitstable and sell the property on the open market.
The extra money was required after it “enhanced realisation” meant that initial plans had to be amended and the additional financing would exceed the agreed LTV ratio.
The loan term was six months.
The Client said: “From the outset, Mint Bridging demonstrated a clear understanding of our aims and displayed a detailed knowledge of the property sector.”
“I had access to the decision makers at Mint, who were always available to discuss any matters even outside office hours!”
Mint’s Quantity surveyor made regular visits to the site to ensure the project remained on course, with the development aspect of the loan being drawn down in stages of presentation of the monthly QS valuation certificates.
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