The block bridging facility allows independent funders to raise capital against future income from bridging finance deals in place between Mint and its customers. The exact amount was not disclosed.
Mint said that this was a “significant development” as it had previously been funded exclusively by private investors.
The lender said that it wanted to “accelerate its ambitious growth plans”, one of which included achieving a £250m loan book and launch new products.
Matthew McNeile, business development manager for asset finance at Aldermore, said that it was excited to provide funding to Mint Property Finance, adding that it was a “well-established and experienced lender in this space”.
He added that the company was looking forward to supporting Mint’s “ongoing growth”.
Andrew Lazare (pictured), founder and managing director of Mint Property Finance, said it was a “key milestone” in the company’s history, especially as it rapidly approached its £250m loan book target.
He added that Mint had been looking for an institutional investor, and had looked at many facilities with lenders, but that Aldermore was the “right partner for us”.
“The facility gives us more firepower to write even more business and further broaden our product offering. Now we have an institutional lending partner onboard to maintain our competitive advantage across our bridging products, we intend to turn our focus towards providing more longer-term loans such as three to five-year term products and buy-to-let mortgages,” Lazare noted.
