Octane widens BTL product distribution
Posted on Jan 22, 2021 | in In the news
During the 2021 FIBA Annual Conference this week, Octane Capital announced that it had widened the distribution of its BTL product range.
The specialist lender revealed that all brokers can now access the full range of its Wave 3 to Wave 5 products and larger loans of £500,000 or more within its premium Wave 1 and Wave 2 offering.
Octane’s BTL product requires zero stress-testing.
The lender is targeting borrowers that others actively avoid, specifically first-time landlords, foreign nationals, MUFBs, HMOs, limited companies and other non-standard structures.
The product offers a pay rate from 3.99% and no ERCs payable in the final two years of the term.
At Octane’s ‘stand’ in FIBA’s virtual exhibition hall on Wednesday, the lender’s managing director, Mark Posniak (pictured above), said that it was also looking to open up its semi-exclusive offering — loans starting from £150,000 within Waves 1 and 2 — to approximately 30 more brokers, which is in addition to L&G Mortgage Club members.
“Our BTL proposition is really taking off,” said Mark.
“When we initially launched our BTL product during the first national lockdown, we deliberately restricted it to a select group of partners to get some really granular feedback.
“From September onwards, we widened the distribution further to fine tune it and were blown away by how popular it was.
“We now feel we are in a position to take on even more business and have opened up our bigger BTL product to the entire market.
“We are targeting a demographic that the vast majority of lenders will actively avoid, with many of our borrowers to date having multiple non-standard circumstances, but this is where we feel we are strongest as a lender and look forward to helping as many brokers as possible during 2021.”
At the FIBA conference, Mark also said that Octane would be focusing on growing its BTL book this year, as well as continuing to do more development exits, refurbishments and residential bridging.
“It’s really exciting times; we’re very positive and confident about the year ahead.”
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