Catalyst launches exclusive bridging product
Catalyst Property Finance has launched an exclusive product for residential and semi-commercial bridging loans.
The product is available for loans of over £750,000; monthly rates are 0.55% at 70% OMV or 0.59% at 75% OMV.
It can be applied to auction purchases, development exits, purchases, refinances and rebridges, on residential and semi-commercial assets in England and Wales.
James Farge, head of new business at Catalyst Property Finance, said: “This bigger loan, higher leverage, low-rate product has been designed to help brokers compete against high street lenders.
“With rates at 0.55% per month to 70% of Open Market Value and 0.59% at 75% of Open Market Value, it allows borrowers to achieve a higher net position and an ability to stretch their capital further.
“Even though we are reducing our interest rates at higher LTVs, we stand committed to our broker network, offering a 2% proc fee.
“We have a limited tranche of £20m, available for new enquiries from today.”