Octane Capital complete £8.2 million bridging loan in 4 weeks from initial enquiry
Posted on Sep 06, 2023 | in Press Releases
Octane’s loan is to a high-net-worth individual residing outside of the UK and is secured on two prime residential properties which they own in Kensington.
The loan provides Octane’s borrower with a substantial capital raise to replenish their cash reserves following a recent investment in a UK hotel asset and to fund ongoing investment opportunities.
Octane’s loan was at 55% LTV at a rate of 0.37% per month + Bank of England Base Rate. This is the latest in a string of recent large loan completions for Octane’s dedicated Structured Finance team, powered by Alex Tyrwhitt and Rick Hollingsworth, and their Senior BDM, Shrena Patel.
Octane were ably and expediently assisted; on the legal front by Seray Kitchingman and Daniel Baker of Weightmans LLP and on the valuation by Bethan Handley and Rebecca Riley of Knight Frank.
Richard Deacon, Octane’s Managing Director of Sales, commented “It was a pleasure to work with James Davies and his team at JLL on this deal. Following receipt of the initial enquiry, credit-backed terms were issued within 2 hours and, after an all-parties face-to-face meeting, the underwriting process was expedited. Enquiry to completion took under 26 days, which is testament to the hard work of everyone involved. Whilst it is the size of the loan that usually takes the headline, it is the teamwork and dedication to getting the deal done quickly that is the real story here.”
More in this section