Octopus Real Estate enhances unregulated bridging product following record lending
D’mitri Zaprzala

Octopus Real Estate enhances unregulated bridging product following record lending month

Octopus Real Estate has raised the maximum LTV on its unregulated residential bridging product to 75% following a record month of lending.

The enhanced product will be available for loans between £100,000 and £500,000, with a rate of 0.6% per month.

It has been designed to help clients who need higher gearing in order to seize new opportunities and grow their portfolio.

D’mitri Zaprzala, head of sales at Octopus Real Estate (pictured above), said: “The changes to our unregulated bridging product form part of our strategy to ensure that our range of products is extremely simple and competitive, while meeting the needs of a whole spectrum of borrowers. 

“The increased level of gearing available to good quality borrowers reflects our confidence in both the quality of our underwriting team and the outlook for the UK residential real estate market.”

This comes as the lender provided £101m in May 2019, with more than £357m being provided so far this year across England, Wales and Scotland.

During May, 37 new loans were originated across Octopus Real Estate’s residential, commercial and development products.

This included a £10m acquisition loan to Strawberry Star Group for a retail-to-residential scheme in Essex and a £28.4m refinancing facility for a 106-unit PRS scheme in Ilford.

Benjamin Davis, CEO at Octopus Real Estate, added: “Thank you to our brokers and borrowers throughout the UK, whose continued support has enabled the ongoing momentum in our lending activity. 

“With an extremely experienced team and the size and scale of the business, we will continue to look at new ways we can support the evolving demands of the real estate sector, as borrowers seek timely and competitive finance solutions.”

Octopus Real Estate was formed last month — following a merger of Octopus Healthcare and Octopus Property — to offer the company the opportunity to expand into new areas of the UK property market.

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