Catalyst, the specialist lender, is offering to ‘go Dutch’ and pay 50% of bridging borrowers’ valuation costs upfront, up to a maximum contribution value of £1,500 including VAT per facility.
Chris Fairfax, CEO of Catalyst
This limited offer is available on all eligible Catalyst Bridge Loans in May and June.
Eligible loan products include Catalyst’s ‘Everyday’ bridging, renovation with work costs less than 10% of OMV and without structural changes, development finance, auction finance and ‘Latitude’ buy-to-let.
The loans must be between £500,000 and £5,000,000. Only first depreciation, purchase or refinancing. Eligible assets are residential real estate and semi-commercial real estate with a residential share of 50% or more.
The following are not eligible: Loans that fall outside the standard lending criteria. Loan for commercial real estate or land. New borrowers, second-line loans, renovation projects with costs above 10% of the OMV or any requirements for shell construction/asset managers.
Chris Fairfax, CEO of Catalyst, commented: “While many lenders, including ourselves, have run appraisal fee reimbursement promotions in the past, this is different – we pay upfront. Once the borrower pays their appraisal fee, Catalyst also contributes.”
He added: “We want to offer something meaningful, a solution that will resonate with brokers as a good opportunity for their clients to save money while benefiting from our competitive, highly leveraged bridging options. We understand that valuations are often the largest upfront cost associated with bridge financing and we believe now is the right time to help reduce costs for our borrowers and truly align ourselves with our customers.”