Octane lend £37 million in March

The total is made up of a mixture of refurbishment, developer exit and bridging loans secured on residential and semi-commercial property throughout the country. The completions range from a £150,000 purchase bridge to a £5.4 million developer exit loan. 

Octane’s refurbishment product made up the volume of deals completed and the lender cites this as their most popular offering. The product offers up to 75% LTV net day one, plus 100% of build costs, with rates from 0.76% per month (BBR linked). It is used by investors to increase a property’s value or improve its yield.

But it is their developer exit product which delivers the highest loan quantum and consequently often takes the limelight. Octane will lend on complete – or almost complete – new-build developments and have appetite for large multi-unit schemes. Their average developer exit loan for the current year is over £2.5 million and their rates start at 0.73% per month (BBR linked).

Jonathan Samuels, CEO at Octane, commented “March was Octane’s biggest ever lending total for bridging and marked a superb end to Q1. This feat is testament to the hard work of the team, who worked tirelessly to complete deals before the stamp duty deadline. What is most pleasing is that our pipeline is significantly higher as we enter Q2 compared to the start of last quarter. As always, we are hugely thankful to the brokers who have supported us and our solicitor and valuer partners, without whom this figure wouldn’t have been possible.”