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August 15, 2017
‘Product-less’ lender, Octane Capital, today announced the completion of a £1.1m refinance of a complex buy-to-let portfolio comprising four properties in East London and Essex.
The experienced Octane Capital risk team managed to overcome a number of issues, primarily arising from the borrower’s poor credit score and inability to evidence all rental income.
Two of the properties secured on were ex-Local Authority and the borrower was required to provide a Personal Guarantee because a Debenture was not achievable — creating an extra layer of complexity.
The borrower’s intention is to remortgage with a high street lender in two years’ time once their credit profile and the tenancies have improved.
In order to save the client time and money, Octane also used a retype of valuations that had been carried out for another lender. The loan was provided at 65% LTV.
Mark Posniak, Managing Director, Octane Capital, commented:
“This was a classic example of how a specialist lender that is prepared to dig deep and get to the bottom of a person’s circumstances can take a view and provide finance. Yes, this borrower had some issues but we were comfortable with the underlying assets and their ultimate goal to get their finances in shape and refinance away to a term lender in a couple of year’s time. Loans that other lenders would give a wide berth to are generally our bread and butter.”
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