Manchester bridging lender is no more

Manchester bridging lender is no more


A Manchester-based bridging lender has been placed in administration, after spending two years winding down its operations and collecting on its loan book.

Catalyst securities have not made any new loans during the winding down period. However, all remaining loans on the company's books are in default, and the company has been exercising its security to take possession of the properties in question.

The company's portfolio consisted of commercial, residential and development opportunities in England, Scotland and Wales.

Paul Dumbell and Brian Green of KPMG have been appointed joint administrators and will now attempt to sell the properties.

Catalyst was established in October 2003 and in a statement describing the company, the founders noted that the market was harsh and competitive.

The statement said: "The bridging finance sector has grown at an extremely healthy rate during the last five years. Our message is that just because you have a good relationship with one firm, it doesn’t mean you shouldn’t develop a relationship with other bridging finance houses."

It seems though that Catalyst were unable to stay in the game amidst such competition. The company's one remaining employee has now been made redundant.

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