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Catalyst reintroduces 70 per cent LTVs on limited range

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  • 14/04/2020
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Catalyst reintroduces 70 per cent LTVs on limited range
Catalyst Property Finance is reintroducing 70 per cent loan to values (LTVs) on its revised range of bridging products from today.

 

The lender had previously cut back its range to 60 per cent LTV to deal with the coronavirus pandemic restrictions, but said it has now been able to mitigate this cap.

The range has a maximum loan size of £5m and is only available for residential properties in major towns and cities, with the lender’s credit team considering light refurbishment deals.

It said understanding the immediate and anticipated longer-lasting impacts of Covid-19 on the residential property market were now being risk-factored into valuations had underpinned the decision.

As a result, it added that it was only fair to brokers and borrowers that it move quickly to provide improved LTVs.

 

Credit review conducted

Chris Fairfax (pictured), CEO at Catalyst Property Finance, said: “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 per cent LTV bridging product.”

Fairfax continued: “Catalyst continues to access a valuation panel who can safely inspect and report in line with HM Government and Royal Institution of Chartered Surveyors (RICS) guidelines.

“In addition, we can accept automated valuation model (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,” he added.

 

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