Catalyst has announced its fastest ever completion of a bridging loan in three hours.
The £100,000 short-term facility was made to a South Coast property developer, to enable the borrower to finish construction work on a local residential development site.
Chris Fairfax (pictured), CEO at Catalyst, said: “We have completed many fast loan transactions over the last five years, but ‘three hours’ is definitely our quickest completion to date. It must be said that the conditions to fund this fast loan were perfect; we have worked with both the broker and the borrower many times before, our credit team have a high level of trust built on previous experience with the borrower, and we were able to assess the security in-house.
“Although I cannot promise three-hour funding on all Catalyst loans, the quick turnaround demonstrates Catalyst’s solution-driven mentality to provide speedy access to funding whenever possible.”
John Smith, partner, real estate finance at Fieldfisher, added: “Catalyst have once again demonstrated how agile they can be as and when a deal presents such time pressures.
“A collaborative approach between lender, broker, borrower and lawyer together with pragmatic underwriting has achieved what is no doubt a fantastic result for the borrower.”