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The NACFB's newest patron Mint Bridging has set its sights on a £55 million loan book .
The NACFB’s newest patron Mint Bridging has set its sights on a £55 million loan book.
B&C’s Chanice Henry spoke to Managing Director Andrew Lazare about the privately-funded lender’s yes-means-yes approach to bridging.
Mint Bridging provides short term secured finance with innovative methods to slicken the process. Some of these include: transferring funds early on in the deal, a 24/7 service and in some cases, in-principle term agreements without the need for unnecessarily large amounts of information.
Andrew Lazare said: “I have been operating in the bridging market for over 7 years and we established this business to try and provide a different service to brokers from what we believe is currently on offer.
“We recognise the weaknesses within the industry and we simply aim to provide an honest, reliable and transparent approach to lending. We have a vast amount of money to lend, and have an in-house credit committee that can make quick and reliable decisions that brokers can put to their clients with confidence.
“We are proud to support the NACFB and look forward to working with them and their partners to get the benefit of their advice, professionalism and integrity and to take advantage of the exclusive opportunities that the association can offer.”
The lender backs up its yes-means-yes approach by often transferring funds to the borrower’s solicitor’s account early on in the legal process.
Mint Bridging can often agree in-principle terms with limited information and in some circumstances with just a borrower’s credit report, asset and liability statements and the last 3 months bank statements.
Brokers can influence the rate charged with the level of information they provide about the borrower. The more in-depth the information is that is provided the lower the interest rate will be.
Mint Bridging applies human logic to decide loans on a case-by-case basis. Its in-house asset managers will often meet the prospective borrowers and see the properties being offered as security.
Mint Bridging is available 24/7 to underwrite loans. An urgent bridge enquiry that came in last week at 11.30 pm had its terms offered by midnight and the solicitors instructed by 7.30 am.
As part of its growth plans, Mint Bridging is currently recruiting a new BDM, Account Manager and Loan Processer. This is following the recent appointment of five staff including Trevor Brown as its Underwriting Manager.
The lender is operating currently at a growth rate of over £12 million net per annum. It aims to increase the value of its loan book to over £55 million within the next 5 years.
Mint Bridging was established two years ago and only recently embarked in a national rollout of its model. Mint’s fastest deal to date was for £550,000, which completed in two days, and the average turnaround time for deals is 10 days.
It lends across the UK on a first charge basis with rates falling between 0.9 and 1.75 per cent. Loans larger than their specified loan amount, between £30,000 and £750,000, are considered on their own merit.
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