CashNews.co
Catalyst Property Finance has announced a reduction in rates across its property finance offerings, including bridging, refurbishment, commercial bridging, ‘Flexible’ bridging, and specialist buy-to-let loans.
The new rates include unregulated bridging, auction, development exit, finish, and exit finance starting from 0.79% per month.
Refurbishment finance is now available at 0.85% per month for costs up to 50% of open market value (OMV), 0.89% for costs from 50% to 100% of OMV, and 0.97% for costs over 100% of OMV.
‘Flexible’ bridging, which caters to adverse credit and inexperienced borrowers, starts at 0.99% per month.
Meanwhile, commercial bridging is priced at BBR + 7.50% per annum, and specialist buy-to-let loans begin at 8.75% per annum.
The lender is also increasing loan-to-value ratios for its second charge and commercial products, now offering loans up to 70% of 180 value, up from 65%.
Anna Bennett (pictured), marketing director at Catalyst, said: “Alongside the reprice, we’ve taken the opportunity to evolve and improve our product offering.
“Brokers who have worked with Catalyst before may notice that our range has become a little more streamlined, our criteria simplified, and we’ve refreshed our product guide design.
“We’re still offering the same wide range of funding solutions and ‘Catalyst style’ product flexibility, but in an easier to digest format.”
Bennett continued: “I’ve worked closely with our new sales director, Spencer Gale, on product naming and visual layout. We hope brokers find the new look and feel even easier to navigate.
“If they would like a copy of the new style guides, our New Business Team will happily oblige.”
Chris Fairfax, CEO at Catalyst, said: “After what feels like a long time of pricing stagnation in the property finance market, I am extremely pleased to announce a widespread rate reduction across Catalyst’s product range, as well as increased leverages and loan sizes on a number of our specialist products.
“Our decision reflects the current state of the UK finance and property markets, which have seen some welcome stabilisation in recent months.”
Fairfax added: “Intermediaries can now support their developer and investor clients with highly competitive funding that provides increased profit margins and less capital outlay.
“And, in certain circumstances, these positive changes will enable more marginal property deals to become viable again.”