The specialist lender was contacted by Mantra Capital, whose client had been let down at the last minute by a high street bank.
The borrowers – who included a foreign national – were in danger of losing a significant amount of money, but Octane was able to complete the loan within just seven days of the initial enquiry.
Octane accepted a re-type of the valuation despite the valuer not being on its panel.
The borrower will use the funding to acquire the garage in Shepherd’s Bush which has planning in place for two, one-bedroom flats.
The borrower’s exit will be a development loan arranged by Mantra Capital.
“This wasn’t the biggest loan in the world, but it was non-standard and had a lot of moving parts; also, we were only presented with this request after the clients had been served notice to complete,” said Rickesh Patel at Mantra Capital.
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“Octane immediately sprang to mind as we have worked with them to meet some tight deadlines in the past and their ability to play something as they see it is unrivalled in the industry.
“Once again, the deal completed just before the clock struck, enabling our client to acquire the site and giving us the time to put a suitable development loan facility in place.”
Mark Posniak, managing director at Octane Capital (pictured above), added: “Mantra [is] a quality introducer who we’ve worked with across a number of deals now.
“While this particular loan once again involved a tight deadline, the foreign national status of one of the borrowers and the fact that there was not enough time for a valuation of our own required flexibility as much as speed.
“But it’s the ability to underwrite and process deals without constraints that defines the third generation.”