It’s great to be back. I've really missed it.
Posted on May 03, 2017 | in Blog
What can I say other than it's great to be back? I was only out of the industry for a couple of years but in that short time I’ve really missed the people, banter and endless challenges that are part and parcel of bridging.
I even missed working with Matt and Pos, although please nobody tell them that.
Now a lot of people, as you’d expect, have asked me if Octane will simply be Dragonfly under a different name. The answer to that is both a categorical yes, and a categorical no.
Yes, we plan to bring the same energy, professionalism and certainty of lending to the sector that we like to think we did with Dragonfly.
And no, this is not just a case of us jumping back on the bandwagon and doing the same thing all over again. Far from it.
In fact, we are going to be something fundamentally different with Octane Capital — something that, as far as we’re aware, hasn’t been done before within bridging: we’re not going to offer any products.
No, we’ve not been smoking the heavy stuff. Not offering products doesn’t mean we won’t be lending, because we will – as much as we possibly can.
What we mean by this is that we will no longer be pricing based on LTV because we feel this approach is formulaic and does not work for anyone: lenders, brokers or borrowers alike.
After all, in some cases a 70% LTV loan can be less risky than a 60% loan. And should be priced accordingly. But with the industry locked onto rigid LTV tramlines and in a big race to the bottom on rate — that’s not possible.
So we’ve set out to make it possible. As a result, from now on we will look at each loan on a case by case basis and price and structure it according to risk. Think of our loans as tailored and organic rather than rigid and off-the-peg.
We’re calling this new approach the ‘third generation’ of bridging, as it combines the highly bespoke lending of the first generation pre-2008 with the professionalism and transparency of the second generation of bridging (post-2009).
So if you’d like to see a third generation bridging lender in action, give us a call today and we’ll talk you through how it all works. Minus a product sheet, of course.
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