"We are really excited to launch a number of product improvements in bridging, development and refurbishment."
Heavy refurbishment finance is now available to 75% of OMV (Open Market Value) and the maximum loan size increased to £7.5m. There is no longer a restriction on the maximum square foot expansion, only one original wall is required to remain standing throughout the construction process and into the finished property.
Commercial to residential conversion bridging is now available to 70% OMV where planning is in place, and to up to 65% OMV where no planning is in place but there is an obvious C3 residential/mixed-use opportunity.
The maximum loan size on commercial property bridging has increased to £10m, on land with planning bridging to £3m and on second charge bridging to £10m.
The maximum loan size on Catalysts's 'complex bridging' offering has also increased to £10m. Complex bridging helps borrowers with credit issues, no PGs, non-standard property, and loans that fall outside of Catalyst’s ‘everyday’ bridging.
Experienced borrowers are now required to demonstrate three similar developments in the last five years, up from two years. Borrowers can still lean on their contractor’s experience, subject to satisfactory evidence.
Chris Fairfax, CEO at Catalyst, said: “We are really excited to launch a number of product improvements in bridging, development and refurbishment. The business has experienced high growth since launch in 2018 and we have invested heavily in technology, human resource, and distribution partners to create a platform that is confident and ready to handle our next stage of growth.
This growth will be fuelled by our ability to say "yes" to an increasing amount of excellent risk opportunities moving forward. Our company credo is "never miss a good opportunity" and this is now more meaningful than ever. I would like to express our sincere gratitude to all capital partners that have, and continue, to support Catalyst and we are incredibly grateful to our broker partners who continue to trust us to deliver.”
