Catalyst to pay 50% of borrower’s valuation fees upfront – Mortgage Finance Gazette

Catalyst chief executive Chris Fairfax

This limited offer is available on all qualifying Catalyst bridging loans during May and June.

Qualifying loan products are Catalyst’s ‘Everyday’ bridging, refurb with a cost of works below 10% of OMV and no structural alterations, development exit finance, auction finance and ‘Latitude’ buy to let.

Loans must be between £500,000 and £5,000,000. First charge only, purchase or refinance. Qualifying assets are residential property and semi-commercial with a residential element of 50% or more.

The following will not qualify: Loans outside of standard lending criteria. Loan against commercial property or land. First-time borrowers, second-charge loans, refurb projects with costs above 10% of the OMV or any structural works/asset manager requirement.

Catalyst chief executive Chris Fairfax commented: “While many lenders, ourselves included, have run valuation fee refund promotions in the past, this is different, we are paying upfront. As soon as the borrower pays towards their valuation fee, Catalyst contributes too.”

He added: “We want to offer something meaningful, a solution that will resonate with brokers as a good opportunity for their client to save cash while still benefiting from our competitive and high leverage bridging options. We understand that valuations are often the largest upfront cost involved in bridging finance and we feel now is the right time to help reduce costs for our borrowers and truly align ourselves with our customers.”