Octane Capital

Octane Capital helps to rescue BTL purchase

Octane Capital has upgraded an equity bridge to an outright purchase bridge in three days to save a client’s central London BTL purchase.

The specialist lender worked with the surveyor, lawyer and broker to complete the deal in a tight timeframe for a client of Peritus Corporate Finance.

Octane had originally offered a £250,000 BTL equity bridge for the borrower to acquire a new-build investment property, before selling her existing BTL.

However, the client faced losing her 10% deposit after realising that she lacked the funds to complete the purchase, specifically due to the stamp duty required.

After discussions with Jake Baker, director at Peritus, Octane offered to provide the borrower with circa £700,000 to purchase the property outright.

The unit was the last one on the scheme and the developer was applying pressure for a quick completion.

Capital Value Surveyors produced a same-day valuation report, while Richards Solicitors completed the legal work in good time to rescue the purchase in three days and save the borrower’s deposit.

Mark Posniak, managing director at Octane Capital (pictured above), said: “This deal was teamwork at its best.

“Broker, surveyor, lender and solicitor all worked together to rescue this acquisition for the borrower.

“A special hat-tip to Capital Value Surveyors, whose one-day turnaround was superhuman and one of the most impressive I’ve seen to date.”

Jake added: “Octane [is] exactly the kind of lender you want on your side when you hit a road bump like this.

“The way [it was] able to change tack at such short notice was something else, and not something you see much of in the market.”

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