The loan, at 70% LTV, was for a complex HMO refinance in north London to help the client – borrowing through an offshore ownership structure – raise capital for another purchase.
The borrower was introduced to Octane through property finance advisory Buchler Barnett Spencer and opted to service the loan and use part of the equity released to fund the difference between the net rental income and interest.
“This is the exact type of loan that we had in mind when we launched Octane Capital,” said Jonathan Samuels, CEO of the ‘third generation’ lender (pictured above).
- Octane Capital completes its first bridging loan
- Justin Cooper joins Octane Capital
- Octane Capital launches – but with no products
“We love to be challenged and to find a solution for even the most complex borrowing structures and circumstances, and this one, introduced by our newest recruit, Justin Cooper, ticked both those boxes — and then some.
“We’ll do simpler loans, of course, but if a loan sounds impossible, that’s when we like to get involved.”
Octane launched earlier this month without a product sheet, instead pricing according to risk rather than LTV.
“Our decision to finance this project with Octane was validated by the smooth and efficient credit and drawdown process that enabled our client to complete this refinance within a tight timeframe and on very competitive terms,” said Westley Richards, director of Buchler Barnett Spencer.
This latest deal comes after Octane completed its first bridging loan last week for a foreign national looking to purchase a new-build flat in south-west London.
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