Intermediaries play a vital role during the lockdown
Principal lender, Catalyst Property Finance, today confirmed that it has been able to successfully close a number of loans during the lockdown period, thanks to support and strong relationships with intermediaries. The lender confirmed that, for several loan cases, having a professional broker working on the deal, and facilitating communications with all parties, had helped progress deals to completion.
Chris Fairfax, pictured, CEO, Catalyst Property Finance said:
“Having been a bridging broker myself for over 10 years, I fully understand the integral role intermediaries play in organising timely finance for clients. Arguably never more so than during a time such as this; when the lockdown, remote working, professional companies having furloughed staff and valuations can all contribute lending challenges.
One of the cases we have closed this week highlights the benefits of a strong lender-intermediary partnership. Steve Pollard, of Finspace Group, approached us on behalf of his property developer client. They required a short-term bridging loan to purchase, lightly refurb and rent-out a house in Bath.
It was a great deal and, in normal circumstances would have likely sailed through. But in today’s environment, there were a few more hurdles to overcome. Reaching solicitors. Arranging the valuation. General communications. Our Credit Manager, Martyn Balsom, worked closely with Steve. Giving regular updates and explaining any hold-ups. Steve always stepped in and helped. Reaching out to the client and his solicitor, providing us with all the information and documentation we needed. Without Steve’s help, the loan would have taken much longer to complete. Which is why, from a lender’s perspective, a good broker is worth their weight in gold”
Steve Pollard, Finspace Group said:
“In the current climate, and with so many lenders withdrawing from the market at a minute’s notice, how refreshing to see Catalyst really supporting the broker community. Special thanks to Martyn Balsom who never gave up on this case and worked with me to find a creative solution that not only met with the client’s needs, but also satisfied Catalyst’s credit team. Brokers remember which lenders step up to the plate in challenging times and it will certainly be interesting to see which lenders are amongst the nominees’ list when the industry awards season comes around again”.