Borrower’s requirements: One of our brokers had an experienced client who was looking for a development exit facility for the development of two units, both identical. One unit was fully complete, and the second unit was wind and watertight and just awaiting the second fit. The client was marketing the properties, so was looking for a facility to complete the final works on the second property. The property was finished externally, plastered and undercoated inside with the staircase fitted. The loan was needed to complete the internal fittings and decorating. 

Catalyst solution: Catalyst was satisfied with the estimated cost of works and GDV, so a 9-month loan was arranged. The client was able to carry out the final refurbishments on the second property and repay the loan through the sale of the properties.

Senior Internal BDM, Josh Hawker, says “I was asked to quote on a lovely dev exit to provide the borrower more time to sell these high-end homes. Very happy to help out an experienced developer that we would happily lend to again with the assistance of an excellent broker.”