For firms looking to continue with developments while following safety guidelines relating to the pandemic, Mint has released a new development product.
This is based on a maximum four-house scheme with a loan value of up to £750,000, and a rate of 0.89 per cent. The product is available up to 55 per cent loan to gross development value (GDV).
Alternatively, for those impacted by building delays or unable to offload their premises due to market changes, Mint is offering a development exit loan which is available to those seeking up to £750,000.
It is based on a maximum six-house scheme and has a maximum loan to value ratio of 65 per cent with a rate of 0.89 per cent.
Sinead Moynihan, head of sales at Mint Bridging, said: “We have, like others in the market, to this point offered solely new bridging loan products, with Covid-19 in mind.
“However, we noticed a gap in the market for development-specific products and knew that it was necessary to widen our product portfolio with development loans that measure up to the needs of our brokers and borrowers at this difficult time.
“We hope these two new loans will help many who’ve found themselves in a difficult situation amid the coronavirus crisis yet are eager to keep Britain building,” Moynihan added.