To qualify for the offer, brokers need to submit the credit approved terms from a direct competitor to the head of sales, Sinead Moynihan (pictured).
A list of Mint Bridging’s direct competitors is available upon request.
A spokesperson for Mint said that credit approved terms constitute a decision in principle from a lender that has been approved by their credit team.
“Different lenders do things differently, but what we’re looking for is a full breakdown of the approved credit costs – such as the interest and cost per month, the legals and valuations,” she said.
The promotion is available to new and existing introducers, and will be initially available until 30 April 2018.
Mint added that pending results and feedback, it may continue the offer indefinitely.
Under the terms and conditions, the offer is applicable for loans under £1.5m, with heavy refurbishment and development loans excluded.
Mint defines heavy refurbishment as structural change, such a knocking down support walls or moving staircases.
While Mint Bridging said it will beat the terms of interest charged by its competitors – it added that it may not provide the same loan to value (LTV) nor term for the client.
In addition, the guarantees are subject to underwriting and do not constitute an offer, and are subject to borrowers meeting Mint Bridging’s lending criteria.
The deal may also be changed or withdrawn at any time, and cannot be combined with any other Mint Bridging offer.
Moynihan commented: “We have a lot of money to lend and want to aggressively continue to grow our loan book. To do that, we’re going head-to-head with our direct competitors on price.
“The market is evolving every day,” she continued. “We do not want to lose deals purely on price. It’s about maintaining market presence and moving forward at all times.”
Founder and managing director Andrew Lazare added: “At Mint Bridging we provide great rates and service consistently, but we don’t want price to be a reason introducers shop elsewhere.”