"Our aim is to open up more opportunities for brokers who introduce complex cases, have borrowers with previous credit issues and BMV purchases."
Catalyst Property Finance has announced a number of criteria improvements to its bridging range during its 'Proc-tober' initiative.
All new enquiries submitted to Catalyst Property Finance in October that fund before the winter break will qualify for a 2.5% proc fee. In addition, the lender will contribute to Hope for Food as each ‘Proc-tober’ loan closes.
As part of the latest criteria changes, Catalyst will increase its maximum LTV on second charge bridging from 65% to 70%. The lender will also increase its maximum LTV on complex bridging and for borrowers with adverse credit to 65% LTV.
Additionally, Catalyst has announced an increase from 80% LTV to 90% LTV of the purchase price on below market value transactions and will now accept standard bridging with refurb up to 75% market value.
Chris Fairfax, CEO at Catalyst Property Finance, said: “Today we are announcing a number of improvements to our bridging product range. We are increasing LTV leverage for second charge lending, below market value transactions, complex bridging and adverse credit borrower products.
“At Catalyst, we are continuously looking for ways to make our products more appealing for brokers and their clients. Our aim is to open up more opportunities for brokers who introduce complex cases, have borrowers with previous credit issues and BMV purchases. We’ve decided to launch these improvements during our PROC-tober incentive so intermediaries can take full advantage of our 2.5% proc fees.”