Bridging finance firm launches new lender

MINT Bridging, the short term bridging lender, has entered into a joint venture with idustry heavyweight Mark Abrahams in order to create new specialist lender.

Abrahams was a co-founder and chief executive of West One Loans Bridging Finance, which was acquired by Enterprise Finance in 2014, and was previously a corporate bond trader with Salomon Brothers and JP Morgan.

New joint venture MB (Syndicates) Limited will run alongside Mint Bridging but focus on higher value, lower LTV first charge loans (£350k-£5m), low risk development loans, second charge loans and commercial property, all with a less London centric basis.

They will be funded by experienced investors in the short term property lending market, on a syndicated basis.

MBS intends to grow the loan book to over £100m with the emphasis on geographical diversification and areas of high liquidity.

Andrew Lazare, Mint’s managing director, said: “For five years of building the business, we’re now seeing over 820% growth compared to prior year same Andrew Lazare Mint Bridgingquarters.

“Partnering with Mark now firmly places Mint Bridging on the map.”

He added: “The syndication division enables us to increase funding lines, loan sizes and expand on our already rapidly growing Greater London presence. This opportunity is a sheer victory of extreme hard work and team dedication.”

Mark Abrahams said: “What struck  me is how fast Mint has grown and Andrew’s passion, determination and dedication. The company’s track record is astounding, and this is an ideal time to take Mint to the next stage as an industry power house.”

He continued: “They have strong routes to market and together we have a solid platform of experienced funders wanting to invest in bridging finance with an experienced team. This partnership makes absolute sense. Andrew has created a strong infrastructure, impressive deal  flow and has built a great team; these values greatly attracted me to the company.”

The syndication partnership has been piloted since January 2016 and has already funded several million pounds of loans to date, the company said.

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