Catalyst is increasing LTVs across a range of its bridging products, making both first charge bridging and refurbishment available at 80% of the open market value.
Previously both of these had only been available at 75% of the OMV. Catalyst also offers a ‘light refurb’ option allowing for a refurb budget or total build cost (inclusive of professional fees) up to 50% OMV and up to 25% property footprint expansion.
Catalyst is also extending borrowing limits on its second charge bridging options, now available at at 75% of the open market value (previously 70%).
These higher leverage options are available for loans from £100,000 to £500,000. The lender’s standard loan sizes range from £100,000 to £10,000,000.
Catalyst CEO Chris Fairfax says: “We believe higher LTV options for bridging and light refurbishment borrowers are going to be in stronger demand in the short and medium term; We believe this area is currently undeserved and represents good risk when carefully analysed”.
These changes follow the lenders launch last week into the buy-to-let market.
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