The asset consists of 74 new-build one and two-bed apartments in the South East of England.
Catalyst has released funds on a £11.3m bridging facility to a regional development firm.
The asset consists of 74 new-build one and two-bed apartments in the South East of England.
Matt Gillon (pictured), director of credit at Catalyst says: “The borrower, an extremely experienced property developer, needed short-term finance for 74-units on their residential site, which includes a proportion of tenanted property along with vacant apartments to be sold.
"The loan is for £11.3m over 2 years, equating to just over 67% of Open Market Value. And we were able to lend against the aggregate value, rather than block value.
"With a loan of this size, we expect complexities, and, during the application process, several units were sold and removed from the property schedule.
"Essentially, this project was fairly fluid requiring the lending parameters to be altered along the way.
"But 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, as a lender, Catalyst were 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, said: “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.
"Catalyst see opportunities where others see challenges!”
