The borrower — a client of debt advisory business Mantra Capital — had taken out a bridging loan to purchase two derelict neighbouring properties in Hertfordshire with the intention of turning them into flats.

But when the initial attempt to gain planning permission was rejected, the client was unable to secure the development finance required to pay off the loan before it expired. Rather than extend the bridge, the lender called it in.

After being let down by a second lender, Mantra Capital approached Octane, which quickly looked at the underlying assets, location and borrower.

“We have known Mark and the team for a number of years so when the lender we had lined up withdrew at the last minute, Octane naturally received the first call,” said Rickesh Patel, senior commercial relationship manager at Mantra Capital.

“With all their experience, the Octane team are able to look at a loan in a way that many other lenders cannot.

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“Rather than take an application at surface value, they dig below the surface where the level of risk is often far less than it appears, and can take a commercial view accordingly.”

Octane concluded that – even if the planning permission was rejected again – the properties could be refurbished and sold at a comfortable profit.

Therefore, the lender was happy to provide a £1m bridging facility at 60% LTV, within four working days of the original enquiry.

“When we looked under the bonnet, this loan was never in doubt,” added Mark Posniak, Octane’s managing director.

“The borrower was robust and the asset risk minimal.

“The speed with which we managed to get it over the line – working alongside companies with the pedigree of De Villiers and Howard Kennedy – was particularly satisfying.

“When deadlines are tight, experience counts, and in this case, all the companies involved had it by the bucket load.”