The bridging loans sector has markedly raised its profile in recent years. It is also becoming better understood by property investors, and that largely explains why gross annual bridging lending is now at an all-time high, as more homebuyers are attracted to the greater flexibility offered by alternative finance providers, including no minimum term and no exit fees.
As the mainstream mortgage market braces itself for yet another clampdown on buy-to-let lending, a growing number of property investors are turning to alternative finance options to overcome tougher mainstream mortgage lending criteria and stress testing, such as bridging loans, short-term secured loans designed to bridge a temporary cash shortfall, when purchasing property.
In order to take advantage of potential new business, bridging lender, Mint Bridging, has announced that it has more than £30m of funding to lend in September and is now offering free valuations on all new loan enquiries, as long as loans that are fully completed ahead of new Prudential Regulation Authority rules coming into force from 30 September.
Mint Bridging’s offer will credit back all valuation fees to the borrower’s account, following completion of the loan.
“We are looking forward to rolling out this offering to our network of introducers and hope it will be well received,” said Sinead Moynihan, head of Sales at Mint Bridging. “We have a lot of money allocated to lend in September for new business, and we are confident in achieving this lending target.”
Moynihan added: “It is testament to the team’s dedication and expertise, that we are able to consistently lend these volumes. Our six underwrites are ready to accommodate all enquiries. With a maximum loan size of £5m, we are looking forward to some high value opportunities.”