New auction product supports ongoing success at Mint Bridging

Brian West

25 May 2018 11:50 GMT

Mint Bridging managing director Andrew Lazare says the business is building on its continued success after developing a new auction product.

Mr Lazare believes that the recently launched product will enable buyers to invest in auction property, without having a high monthly interest rate.

And with rates from 0.45 per cent per month, it is available for purchases of houses, flats and commercial properties.

The new product, which is available for LTVs of up to 70 per cent, is open to new and existing introducers. Terms are one to 12 months and it carries a maximum loan size of £3million. Mr Lazare explained:

“Building on our ongoing success with developing handcrafted loans, we looked at how we could handcraft an auction product. We have designed this product to enable buyers to invest in auction property, without having a high monthly interest rate.

"With all the benefits of streamlined conveyancing via title insurance, we can provide this product with fast turnarounds which we feel is just what this part of the bridging market needs.

“We initially gave this product a soft launch and it has been so well received that we are now opening it up to the wider market.”

Very recently, Mint Bridging completed a £262,500 loan in just seven days, helping a client at an auction to facilitate the purchase of a nine-bedsit Edwardian villa.

The new pro comes just a few weeks after the business moved offices, taking a 5,400 square feet office suite in the newly refurbished Atlantic Street Business Park in Altrincham, Greater Manchester.

Switching offices, says Mr Lazare, is part of Mint Bridging’s plans for expansion and has been in planning for some time. The new location will accommodate the continued growth of the business.

Mint Bridging is keen to provide a stronger local presence in the North West and try to create a more flexible and accessible venue for meetings and events.

Mr Lazare says the chance to move offices came at a time which was perfect and was too good to pass up. He added:

"We have been looking to move for a while, this opportunity came up and we were delighted to find such a great working space.

"Our underwriting and sales teams are growing rapidly, and all our staff needed room to breathe. This move is an exciting milestone in the development of Mint Bridging. Having just celebrated a record quarter, it comes at exactly the right time."

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