Cheshire-based bridging loans provider Mint Bridging has formed a joint venture with Mark Abrahams, the founder of peer-to-peer lender West One Loans, to originate short-term property finance.
MB (Syndicates) Limited will operate alongside Mint’s existing lending business. Family-run Mint originally began lending on behalf of friends and family and a network of high net worth individuals, matching capital from single investors with single borrowers. The new JV with Abrahams will write syndicated loans, combining capital from multiple high net worth investors into single loans.
The JV’s intention is to grow its loan book to more than £100 million within the coming two years. The new platform was launched in January and has since provided around £6 million of finance.
It focusses on high-value, low-leverage first charge loans within the range of £350,000 to £5 million, as well as development finance and second charge loans. Its focus is regional UK property. Loans typically have a six month term.
Abrahams was a co-founder and chief executive of West One Loans Bridging Finance, which was acquired by Enterprise Finance in 2014. He was previously a corporate bond trader with Salomon Brothers and JP Morgan.
“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,” said Mint’s managing director, Andrew Lazare.
“Andrew has created a strong infrastructure, impressive deal flow and has built a great team; these values greatly attracted me to the company,” said Abrahams.