Mortgage lender Catalyst Property Finance has announced that it is reintroducing a higher loan-to-value (LTV) bridging product.
The lender had previously launched a temporarily restricted range, capped at 60%, but will now allow short-term borrowing to 70% LTV.
Available from today, the move has been taken in response to market uncertainty due to the COVID-19 crisis.
Chris Fairfax, CEO at Catalyst Property Finance, said: “Recently, I stated our risk would be closely monitored and updated as soon as we felt it prudent to do so.
“Having undertaken a credit review, and in liaison with our valuer panel, we are now in a position to bring back our 70% LTV bridging product.
“What’s underpinned this decision is understanding that the immediate and anticipated longer-lasting impacts of COVID-19 on the residential property market are now being risk-factored into valuations; so it is only fair to our brokers and borrowers that we move quickly to provide improved LTVs.
“Catalyst continues to access a valuation panel [which] can safely inspect and report in line with [government] and RICS guidelines.
“In addition, we can accept [automated valuation model], desktop and drive-by valuations, subject to meeting criteria.
“Catalyst is fully committed to providing brokers and their clients with short-term finance throughout this tricky time.”