Mint launches light works loan

Mint Property Finance has launched a light works loan with up to 75% gross development value (GDV) and rates from 0.70% per month.

The product also has the option of rolled up interest and it provides borrowers with the opportunity to borrow up to 100% of works for a loan term of up to 12 months; perfect for experienced borrowers looking to renovate a property.

Available on residential properties in England and Wales, the light works product is applicable for works of up to £100,000 and on loans ranging from £75,000 to £1m.

Mint will apply light touch monitoring to the project with funds released on the strength of photographic evidence rather than personal inspections as have traditionally been necessary.

Andrew Lazare, founder and managing director of Mint Property Finance, said: “The last 18 months have had a profound impact on the UK property market with a significant rise in renovation and refurbishment projects undertaken.

“Whilst the demand for bridging loans has as a result grown, along with the breadth of applicants we’re seeing come through the door, the range of products available on the market hasn’t.

“As with the recent launch of our Standard Bridge with a market-beating LTV of up to 85%, we believe that experienced Borrowers should have the opportunity to leverage their experience and net assets to borrow more money from us.

“The reality is that a Borrower experienced in developing properties is going to be far more accurate with their planning and realistic as to costs, and thus much less of a risk to a lender. We believe that should be recognised.

“We’ve looked at the market and are proud to introduce our new light works product.

“Whilst we have always had a strong offering for our light works product the ability for us to now offer rolled up interest on this product is a game changer for us as it allows us to compete with more of the established lenders in the market.”