Mint Property Finance records nearly 1,500 enquiries in 2023

The lender said this was an increase of 15 per cent compared to the same period last year and that this led to a value of around £88.8m of applications progressed.

The average completed loan to value (LTV) was £322,564 for the quarter and the largest loan completion was £1.7m.

The firm said the growth in applications came from direct borrowers, which it added was part of its strategy to “broaden its audience and market share”.

During the period, around 53 per cent of loans were bridging loans and 47 per cent were development loans.

The company said this was due to developers showing an “increasingly cautious approach to financing more complex sites” at the tail-end of last year.

Mint Property Finance’s managing director Andrew Lazare (pictured) said: “Whilst the market remains cautious in certain areas, demand is on the rise and I’m proud to say that Mint Property Finance has made firm strides into 2023 with a 15 per cent increase in enquiries in Q1 leading to another record-breaking period.

“Unlike other lenders we’re in a strong position to continue to weather the slight economic tumult, with five robust funding lines ensuring that we can lend not just now, but into the future.”

He added: “Whilst labour and product costs continue to increase our average loan term remains static at 11 months, testament to Mint’s commitment to setting up loans to succeed.

“In a climate such as that in which we currently find ourselves, that’s of significant importance to borrowers, brokers, and professional introducers, and where I believe Mint Property Finance stands out from the crowd.”