The funding will help the lender provide more longer-term loans and buy-to-let mortgages
Aldermore Bank has provided a block bridging facility to specialist lender Mint Property Finance, which looks to accelerate its ambitious growth plans and introduce new products.
The partnership is a significant development for Mint Property Finance, which until now has been funded exclusively by private investors.
Aldermore’s block bridging allows independent funders to raise capital against future income from bridging finance contracts in place between them and their customers.
Andrew Lazare (pictured), founder and managing director of Mint Property Finance, considers this particular funding a key milestone in the specialist lender’s history.
“As we move rapidly towards our £250 million loan book target, we wanted to partner with an institutional lender,” Lazare said. “We looked at many facilities with many lenders but felt that Aldermore was the right partner for us.
“The facility gives us more firepower to write even more business and further broaden our product offering. Now we have an institutional lending partner onboard to maintain our competitive advantage across our bridging products, we intend to turn our focus towards providing more longer-term loans such as three- to five-year term products and buy-to-let mortgages.
“I’d like to thank the team at Aldermore for its support in getting the facility in place.”
Matthew McNeile, business development manager for asset finance at Aldermore Bank, said they were excited to provide the facility to Mint Property Finance and support the lender’s ongoing business growth.
