Matt Smith

Octane surpasses £500m of redemptions

Octane Capital has announced that it has passed £500m of redemptions since launching in May 2017.

The liquidity created by the redemptions is enabling the specialist lender to further widen the distribution of its zero stress tested BTL product this year.

Octane — which is nearing £1bn of completions — revealed that despite the combined challenges of Brexit and the Covid-19 pandemic, £200m of the redemptions were by way of sale. 

Some 60% of the redemptions (£300m) were achieved through refinancing.

“Half a billion pounds redeemed is a significant achievement for our credit team, which is by far the best I have worked with in all my time in the industry,” said Matt Smith, director of credit at Octane Capital (pictured above). 

“As everyone in this sector knows, it’s easy to lend but far harder to get the money back in, especially when you are in the middle of a global pandemic.” 

Matt explained that the redeemed funds put the lender in “a great place to push the boundaries of lending during 2021”, particularly through its BTL product. 

“With zero stress testing, this product is proving exceptionally popular as investors take advantage of the stamp duty holiday and strengthening rental market. 

“With high street lenders growing ever more cautious on BTL, we are perfectly positioned to pick up the slack and will soon be further widening our distribution.”

In November, Octane introduced a BTL calculator to help further reduce the application time for its BTL offering. 

Earlier this month, the lender boosted its sales team with the addition of Hattie Hall and Mark Stephenson. 

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