Mint launches new commercial bridging product

The new product joins Mint’s portfolio of 'Power Products' and caters for those looking to purchase or refinance light use commercial properties.

Mint’s commercial bridge is available up to 70% LTV with loans ranging from £75,000 to £1,000,000 on 12-month terms.

The commercial bridge sees a desktop valuation on up to 50% LTV (loans over 50% LTV will be subject to an RICS assessment) with heavy adverse credit considered where the exit is sale. Interest can be serviced or deducted.

Founder and managing director of Mint Property Finance, Andrew Lazare, said: “Whereas others ceased to lend or reduced their product offering throughout the pandemic, we’ve been pleased to not only continue lending, but to increase our specialist product range, increasing our visibility nationwide.

“We’ve invested significantly in sophisticated research tools which, coupled with the knowledge of our rapidly expanding expert team and close working relationships with direct borrowers, brokers and professional introducers, has enabled us to accurately forecast developments in the market and tailor our products to suit, maintaining our competitive advantage.

“The launch of our commercial bridge is just the latest example of this as we see an increasing number of vacant commercial properties in towns and cities across the UK remodelled.”

The announcement follows news Mint Property Finance has secured a multi-million-pound block funding facility from Aldermore Bank which Lazare says will "enable the business to further grow its portfolio of products with a focus on longer-term loans such as 3–5-year term products and buy-to-let mortgages.”