Octane Capital provides £4.3m bridging loan which saw 21 valuations instructed
Posted on Mar 06, 2019 | in Press Releases
Octane Capital has provided a £4.3m bridging loan to fund a £1.2m capital raise across a 21-unit property portfolio.
The borrower is an experienced landlord who required the funding for business purposes.
The exit for the nine-month loan will be through the refinancing of the borrower’s property portfolio, which features commercial, residential and mixed-use units.
Some 21 valuations were instructed for the loan using four different property valuers: Capital Value, Taylor Wilkinson, Alexander Lawson and LSH.
Mark Posniak, managing director at Octane Capital (pictured above), said: “This case highlights how strong working relationships between lenders, solicitors and surveyors can get even the most complex deals completed in record time.
“It was fantastic teamwork all round.”
Adam Stiles, mortgage and protection consultant at Keystone Wealth Management, introduced the loan.
He added: “This was a difficult transaction and I honestly didn’t think we could get this paid out in three weeks.
“There were so many different assets, some of which were part way through refurbishment, that made up the property portfolio.
“But for complex and urgent deals, Octane [is] always my first port of call.
“It is fantastic working with the team there and I look forward to sending more clients their way in the future.”
Howard Kennedy carried out the legal due diligence and managed to produce 13 Report on Titles just 24 hours before completion.
Mark concluded: “I would like to extend my praise to Laura Brown, Steve Clinning and their colleagues at Howard Kennedy for their hard work and determination to get this complex deal over the line in time.”
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