Mint Bridging has entered into a joint venture with Mark Abrahams, a founder of West One loans, to establish MB (Syndicates) Limited.

The new venture will run alongside the existing Mint Bridging operation but focus on higher value, lower LTV first charge loans (£350,000 to £5m), low risk development loans, second charge loans and commercial property, all with a less London centric basis.

They will be funded by ‘experienced’ investors to the short term property lending market, on a syndicated basis.

The aim is to grow the loan book to over £100,000,000 with the emphasis on geographical diversification and areas of high liquidity.

The syndication partnership has been piloted since January 2016 and has already funded several million pounds of loans to date.

Abrahams was a co-founder and CEO of West One Loans Bridging Finance and was previously a corporate bond trader with Salomon Brothers and JP Morgan. He has also sat on the ASTL executive committee board.

Andrew Lazare, Mint’s managing director,  said: “For five years of building the business, we’re now seeing over 820% growth compared to prior year same quarters. This recent news announcement has generated outstanding media coverage, nudging Mint’s brand as a justified rising star. Partnering with Mark now firmly places Mint Bridging on the map.

“The syndication division enables us to increase funding lines, loan sizes and expand on our already rapidly growing Greater London presence. This opportunity is a sheer victory of extreme hard work and team dedication.”

Abrahams added: “Since West One’s acquisition, many business opportunities have ventured my way. But what struck me is how fast Mint has grown and Andrew’s passion, determination and dedication. The company’s track record is astounding, and this is an ideal time to take Mint to the next stage as an industry power house.

“They have strong routes to market and together we have a solid platform of experienced funders wanting to invest in bridging finance with an experienced team. This partnership makes absolute sense. Andrew has created a strong infrastructure, impressive deal  flow and has built a great team; these values greatly attracted me to the company.”