Catalyst Securities Limited (04757580): administration
- Status
- Administration ended
- Administration began
- 2011-04-21
- Administrators
- Paul Nicholas Dumbell, David James Costley-Wood
- Administrators' firm
- KPMG
- Formerly
- Eurolink Property Finance Limited; Brand New Co (194) Limited
- Incorporated
- 2003-05-08
- Location
- Manchester
- Industry
- 6522
Why it went into administration
- Property / lease costs
- Rising interest rates
- Competition / price pressure
From the administrators' statement
CSL was incorporated on 8 May 2003 and operated as a provider of bridging loan finance to individuals and property developers The Company commenced lending in 2004
Since 2004, CSL had made approximately 269 bridging loans to private and corporate customers and typically issued loans with terms of between a few days to six months A number of these loans were funded by Barclays
The Company’s borrowers have usually experienced difficulty in obtaining credit from High Street sources and therefore approach CSL for short-term funding This enables their property to be developed which should increase in value and allow the mdividual to obtain a mortgage at a lower LTV and repay CSL The lending was secured by a fixed charge over the borrower’s property
Administrators' statement of proposals (2011-06-17) · Companies House register