Bridging
Catalyst increases refurb allowance to 100 per cent of value
Catalyst has raised its refurbishment allowance from 75 per cent to 100 per cent of a property’s day one value.
The lender made the move in response to a number of “credible” bridging queries it received which were above its previous 75 per cent limit, Chris Fairfax, managing director said.
Fairfax (pictured) added: “This, combined with the performance of our existing refurbishment loan portfolio, presents a clear opportunity for us to support an increase to 100 per cent of day one value.
“In turn, this opens up more opportunities for intermediaries and their property clients.”
He said: “As 2020 comes to an end, Catalyst wants to further support the UK’s property sector as best we can, with a view that we all hope 2021 will be a more stable and prosperous year.”
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