Catalyst Property Finance increase bridging loan LTVs to 70%
Principal lender, Catalyst Property Finance, today announced that it is reintroducing a higher LTV bridging loan product which allows short-term borrowing to 70% LTV. In response to COVID-19 market uncertainty, the lender had previously launched a temporarily restricted range capped at 60% LTV.
Chris Fairfax, pictured, CEO, Catalyst Property Finance says:
“Recently, I stated our risk would be closely monitored and updated as soon as we felt it prudent to do so. Having undertaken a credit review, and in liaison with our valuer panel, we are now in a position to bring back our 70% LTV bridging loan product. What’s underpinned this decision is understanding that the immediate and anticipated longer–lasting impacts of COVID-19 on the residential property market are now being risk–factored into valuations; so it is only fair to our brokers and borrowers that we move quickly to provide improved LTVs. Catalyst continues to access a valuation panel who can safely inspect and report in line with HM Government and RICS guidelines. In addition, we can accept AVM/Desktop and drive-by valuations, subject to meeting criteria.
“Catalyst is fully committed to providing brokers and their clients with short-term finance throughout this tricky time. The 70% LTV bridging loan product will be available from Tuesday, 14th April.”