In January, Catalyst released funds on £11.3 million bridging facility to a prominent regional development firm. The asset consists of 74 new build 1 and 2 bed apartments in the South-East of England.

Matt Gillon, Director of Credit at Catalyst says: “The borrower, an extremely experienced property developer, needed short-term finance for 74-units on theirresidential site, which includes a proportion of tenanted property along with vacant apartments to be sold. The loan is for £11.3 million over 2 years, equating to just over 67% of Open Market Value. And we were able to lend against the aggregate value, rather than block value.

With a loan of this size, we expect complexities, and, during the application process, several units were sold and removed from the property schedule. Essentially, this project was fairly fluid requiring the lending parameters to be altered along the way. But we remained agile and responsive to the borrower’s needs, quickly providing edited terms and documentation to keep the loan moving forward to funding. Howard Kennedy, our solicitors on this loan, helped enormously, dealing with changes quickly and efficiently.

Upon completionour team received fantastic feedback from the borrower, who said that, as a lender, Catalystwere a ‘breath of fresh air to deal with’ and they appreciated our regular updates and clear communication. Hats off to our Senior Underwriter, Mark Slingo, who proactively managed this application and gave daily telephone updates to the borrower, broker and professional teams.”

Laura Brown, Senior Associate at Howard Kennedy LLP says: “We are delighted to have supported our long-standing client Catalyst with this loan. The transaction involved multiple cross-collateralised facilities secured against a portfolio of units and it is a real testament to the collaborative, commercial and pragmatic approach adopted by all involved that this financing was so smoothly delivered. Catalyst see opportunities where others see challenges!”

About Catalyst Property Finance:

• Founded in 2017
• Catalyst provides first and second charge mortgages
• All forms of real estate considered in England and Wales
• Led by highly experienced management team
• Multiple funding sources permitting full status and non-status lending
• Catalyst Property Finance exists to enable change
• The use of time-saving technology is central to our approach, providing customers with the perfect balance of cutting-edge technology and expert customer service.
• www.catalystpf.co.uk

For further information please contact:
Anna Bennett, Group Marketing Director for Catalyst:
01202 850 840 | 0777 207 4150 | anna.bennett@catalystpf.co.uk

To visit HIVE& Partners or Catalyst Property Finance::
The Hive, Wilson House, No.2 Lorne Park Road, Bournemouth, Dorset BH1 1JN