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.
Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in C:\inetpub\wwwroot\2025.financialreporter.co.uk\htdocs\templates\front-end\partials\article_blockquote.php on line 2
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.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Buy-to-let
Buy-to-let market 'in transition' as landlords turn to refinancing
MPowered Mortgages
MPowered closes to new business amid potential sale
Budget
Reeves lays groundwork for tax rises in surprise pre-Budget speech
FCA
FCA bans and fines adviser £100,000
Bank Of England
Interest rates held at 4% in narrow 5-4 vote
Budget
What taxes could be raised in the Autumn Budget?
