Mint Property Finance has launched a new standard bridging loan up to 85% LTV with rates starting from 0.4%pcm.
The lender argues that its new product provides borrowers with the opportunity to borrow up to 10% more than traditional bridging loans, which are largely capped by competing lenders at 75% LTV.
The launch is the first in a series of ‘Power Products’ Mint says it will be unveiling in coming months.
The standard bridge is available on loans ranging from £75,000 to £2,500,000, with rates from 0.4% pm and terms of up to 12 months.
In addition, Mint Property Finance has scrapped its minimum term, with no valuation or personal guarantee required on loans of up to 65% LTV. The new product is available on properties secured in England and Wales.
Finally, foreign nationals can borrow up to 75% LTV, up to 15% more than that of the majority of competitors.
Andrew Lazare (pictured), managing director of Mint Property Finance, said: “most lenders including ourselves have always looked at short-term finance as an asset lending play where little credit is given to the borrower for their track record or net worth.
“Over the last few years whilst the sector has grown, the mindset of only lending against the security on offer hasn’t. We believe that borrowers with a proven track record and experience ought to be able to borrow more money from us without us having to seek additional security from them. Provided the exit strategy is sound we are able to now offer enhanced, market-leading loan to values.
“In addition, we have benchmarked our prices against our competitors to ensure we are competitive across the whole LTV spectrum with our rates starting at 0.4%pm, which is comparable to some challenger banks.
“As a privately funded lender we’re well recognised for delivering handcrafted lending solutions for our partners. We wanted to leverage our position further and launch a range of market-beating products that we hope will change the face of future lending.
“Our new products are a long time in the making and we are, with this first launch, delighted to bring them to market.”
