Catalyst Property Finance

Catalyst completes £11.3m bridging loan

Catalyst Property Finance has provided a £11.3m bridging loan to a regional development firm.

The client required the funds to refinance an existing development loan used for their residential scheme of 74 new build one- and two-bedroom apartments in the south east of England.

While arranging the facility, the lender parameters had to be altered, as during the application process, several units were sold and removed from the property schedule.

Nevertheless, Catalyst Property Finance was able to complete the bridging facility at 67% LTV over a two-year term.

Matt Gillon, director of credit at Catalyst Property Finance (pictured above), said: “We remained agile and responsive to the borrower’s needs, quickly providing edited terms and documentation to keep the loan moving forward to funding.  

“Howard Kennedy, our solicitors on this loan, helped enormously, dealing with changes quickly and efficiently.

“Upon completion, our team received fantastic feedback from the borrower, who said that Catalyst was a ‘breath of fresh air to deal with’ and they appreciated our regular updates and clear communication. 

“Hats off to our senior underwriter, Mark Slingo, who proactively managed this application and gave daily telephone updates to the borrower, broker and professional teams.”

Laura Brown, senior associate at Howard Kennedy LLP, added: “We are delighted to have supported our long-standing client Catalyst with this loan. 

“The transaction involved multiple cross-collateralised facilities secured against a portfolio of units and it is a real testament to the collaborative, commercial and pragmatic approach adopted by all involved that this financing was so smoothly delivered.”

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