Octane opens full BTL range to all brokers
Posted on Apr 15, 2021 | in Press Releases
Octane Capital has today (15th April) opened its entire BTL product range to all brokers with immediate effect.
The specialist lender initially launched its BTL product during the first national lockdown and deliberately restricted it to a select group of partners to get granular feedback.
In January, Octane had widened the distribution of its BTL offering so that all brokers could access its Wave 3 to Wave 5 products.
Previously, loans starting from £150,000 within Waves 1 and 2 were only available on a semi-exclusive basis.
Octane’s BTL offering has a pay rate starting at 3.99% and requires zero stress testing.
“In recent months, we’ve been further fine-tuning [our BTL product suite] and putting systems in place to ensure we could continue to provide a high-quality service for brokers at scale, and now we’ve reached that point,” said Mark Posniak, managing director at Octane Capital.
The finance provider is able to offer loans to first-time landlords, foreign nationals, MUFBs, HMOs, limited companies and other non-standard structures.
“Our BTL loans are targeting a demographic that the vast majority of lenders actively avoid, with many of our borrowers to date having multiple non-standard circumstances,” added Mark.
“But this is where we believe we stand apart as a lender and we look forward to helping as many brokers as possible during 2021.”
In January, Octane surpassed £500m of redemptions since lauching in May 2017.
The liquidity created by the redemptions has enabled the lender to further widen the distribution of its BTL product this year.
In March, Octane announced it had partnered with Twenty7Tec so that intermediaries could access its BTL and bridging products via the mortgage platform provider’s SOURCE module.
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