When introduced to the specialist lender by London-based broker GI Solutions, the client was already in a 10-day notice period after being let down by another provider.

Swift teamwork from Octane, solicitor firm Seddons, valuer Symington Elvery, and GI Solutions’ commercial director, Panny Antoniou, resulted in the bridging loan being turned around in nine days.

This meant that the auction acquisition — multiple flats, which comprised four two-bed and two three-bed units — could proceed.

The funds were provided at 70% LTV against the purchase price, and on a 12-month term.

This comes at a time when many lenders have capped their LTVs and reduced maximum loan amounts, as a result of the Covid-19 crisis.

Octane believed the deal was a “significant achievement” given the additional challenges created by the lockdown measures and the nature of the asset. 

“Octane pulled out all the stops with this one, which was all the more impressive given that we are in lockdown and our client risked losing a sizeable deposit in a matter of days,” confirmed Panny.

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He said that it highlighted the “best of bridging” and showed what could be achieved when people worked together.
“This wasn’t a straightforward property,” added Matt Smith, director of credit and risk at Octane Capital (pictured above).

“Thankfully, Panny packaged the deal perfectly, Seddons [was] as efficient as ever and Symington Elvery did a great job of readdressing the survey carried out for the original lender.
 
“Special thanks, too, to Dan Tyson [credit manager at Octane Capital], who underwrote the deal and navigated all the obstacles excellently.”

At the end of April, Octane completed a £7.5m developer exit loan — secured against a completed 15-unit block of flats in south west London — providing the borrower with an 18-month period to sell them.

Back in March, Jonathan Samuels stated that, while we are in extraordinary times, it wanted to make clear to the broker community that it was “fully committed” and would continue to lend as close to normally as possible.