Using our 'full service', the bridging loan is free. When we say free, that is exactly what we mean as our bridging loan charges zero interest and zero fees. Given that your client can pay a fee of between 0.5% and 2% of the loan size elsewhere as a 'bridging loan fee', this represents a significant saving.
What constitutes the 'full service'?
Our 'full service' utilises our free bridging product, our mortgage packaging facility to arrange your remortgage, with our nominated solicitor completing the purchase & remortgage at a fixed fee of £350.00 + VAT & disbursements.
Do I pay to access this service?
Yes, you will pay Minel a fee of £995 on completion of your client's first mortgage which will cover your client for a period of 12 months from completion during which time they will have unlimited access to the Minel Partner Bridging Loans proposition. You may, of course, recoup this fee by way of a broker fee from your client should you so wish. After the 12 month period has elapsed, you will be charged the relevant annual fee on your client's next completion which will allow a further 12 month access to the Minel Partner Bridging Loans proposition.
Does my client have access to unlimited free bridging loan funds?
Yes, the only restriction we place is that the bridging loan facility is limited to £1m per day per customer. Therefore, every client has access to £1m of bridging loans on a daily basis.
Which type of customer is your proposition aimed at?
Clearly our proposition is aimed squarely at the BMV investor. Ideally we would be hoping to attract investors looking to buy more than 1 property in a 12 month period as this would make the Minel Partners Bridging Loans proposition unbeatable value.
Will my client be charged legal fees if my purchase does not proceed?
We have negotiated a 'No Completion - No Fee' agreement with our nominated solicitors. Your client will only be liable for disbursements already incurred.
Do you lend on new-build property?
We currently do not lend on new-build property. A new build property is defined as a recently constructed or converted property that, according to the sales transaction date, has been sold for the first time as completed and ready for occupation within the last six months.
Can the funding facility be withdrawn?
We reserve the right to withdraw all funding facilities where we believe that the customer is not operating in an equitable manner in their business dealings including, but not limited to, their dealings in the 'sale and rent back' market. This decision will be made entirely at our discretion.