Mint Bridging has launched two products designed for the building development market.
One product has a monthly rate of 0.89% and is for a maximum four-house scheme with a loan value of up to £750,000. There is a 55% loan-to-GDV (gross development value), which the lender said was reflective of the current climate.
Alternatively, for those impacted by building delays or unable to offload their premises, Mint is offering a development exit loan. Available to those seeking loans up to the value of £750,000, based on a maximum six-house scheme, the product has a maximum loan-to-value ratio of 65% and a rate of 0.89%.
Sinead Moynihan, head of sales at Mint Bridging, 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.”
This post has originally been featured in Property Wire.