Mark Posniak

Octane Capital completes bridge-to-let loan in nine days

Octane Capital has completed a £2.6m bridge-to-let loan in nine days to a client of PCF Financial Services (PCF).

The two-year facility was made against a block of 47 unencumbered residential flats in Suffolk with a value of £5m.

The landlord borrower wanted to free up capital to purchase further properties in an attractive market.

The lender offers two- and three-year bridge-to-let facilities, with an ERC-free period at the start of the term to allow developers to exit without penalty.

They also include a BTL period, acting as a safety net for borrowers. 

The specialist broker’s client plans to get the flats fully let and refinanced during the seven-month ERC-free period, with Octane’s BTL facility acting as a backup.

Mark Posniak, managing director at Octane Capital (pictured above), said: “Despite the complexity of the security, we had the best of both worlds on this deal. 

“[The] client is a highly experienced UK landlord, while PCF are an exceptional broker who packaged everything just as we needed it.” 

The loan made was at roughly 50% LTV, and Octane stated that it would consider higher LTVs and more challenging borrower profiles.

Mark Sarratt, managing director at PCF, added: “This was specialist short-term property finance at its finest. 
“When it comes to complex and larger loans like this, Octane are among the best out there. 

“We’ll definitely be putting more deals their way in the future.”

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