Catalyst, the specialist property finance lender, has achieved its fastest-ever completion of a bridging loan, finalising the transaction in a swift three hours.
The £100,000 short-term facility was granted to a property developer on the South Coast, enabling the borrower to complete construction work on a local residential development site.
Chris Fairfax (pictured), CEO at Catalyst, expressed his enthusiasm about the record-breaking achievement, stating: “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.”
Fairfax acknowledged that while such rapid funding cannot be guaranteed for all Catalyst loans, the exceptional turnaround time exemplifies the company’s solution-oriented approach and commitment to providing prompt access to funding whenever possible.
John Smith, partner of real estate finance at Fieldfisher, commended Catalyst’s agility in dealing with time-sensitive deals: “Catalyst has 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.”
