The specialist finance provider reported 1,475 enquiries, up 15% year-on-year and culminating in almost £89m of applications progressed. 

During this period, the lender saw a rise in applications from direct borrowers, which directly contributed to the overall growth.

In Q1, Mint Property Finance saw a 53%/47% split between bridging and development loans — according to the lender, this is a result of developers demonstrating an increasingly cautious approach to financing more complex sites in Q4 2022.

The average completed loan value was £322,564 for the quarter, and the largest loan completion was £1,688,376.

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Speaking on the results, Andrew Lazare, managing director at Mint Property Finance (pictured above), said: “While the market remains cautious in certain areas, demand is on the rise and I’m proud to say that we have made firm strides into 2023, with a 15% increase in enquiries in Q1 leading to another record-breaking period. 

“We’re in a strong position to continue to weather the slight economic tumult, with five robust funding lines ensuring that we can lend not just now, but into the future.

“While labour and product costs continue to increase, our average loan term remains static at 11 months, testament to Mint’s commitment to setting up loans to succeed.

“In a climate such as that in which we currently find ourselves, that’s of significant importance to borrowers, brokers, and professional introducers, and where I believe Mint Property Finance stands out from the crowd.”