Bridging lender sees rapid rise in rebridge enquiries
Short term bridging loan company Mint has reported a rapid growth of enquiries about rebridging existing bridging loans, with around 20% of enquiries within the last quarter relate to refinancing existing bridges.
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Mint says that these loans are typically either close to, or have just passed, their expiration date and now accruing default interest, as many existing lenders won't extend the term to assist borrowers. As a result, it expects a continued rise in rebridging enquiries.
The rebridge inquiries received include property developers who are still in the construction phase and require a rebridge finance to finish, or have been unable to pay off their original bridge as their newly property project(s) haven’t sold yet.
Andrew Lazare, director at Mint, confirmed:
“Rebridging is now at least 20% of Mint’s business and is a thriving new product for us, taking a bridge and extending it so developers can complete their property goals. This has also helped us strengthen our relationships with brokers and as a result, we’ve expanded the company.”
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