Bridging lender, Mint Bridging announces today that it has developed an auction product with rates from 0.45% per month. It is available for purchases of houses, flats and commercial properties.
The product is available for LTV’s of up to 70%. Terms are 1-12 months and it carries a maximum loan size of £3m. This new product is open to new and existing introducers.
Andrew Lazare, Managing Director, elaborated: “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 the benefits of streamlined conveyancing via title insurance, we can provide this product with fast turnarounds which 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.”