Jonathan Samuels

Octane lends record £92m in Q1 2021

Octane Capital has announced that Q1 2021 was its biggest ever quarter for completions, with £92m lent during this period.

This represents a 121% increase on Q4 2020.

The completions were balanced evenly across all four of the lender’s categories: ‘product-less’ refurbs, bridging and developer exit loans, and its zero stress-tested medium-term BTL products.

The number of applications in Q1 2021 also rose by 126% on the final three months of 2020.

According to the lender, the stamp duty holiday and resurgence in BTL have been key drivers of activity.

Jonathan Samuels, CEO at Octane Capital (pictured above), said: “The first three months of the year have been the most frantic we’ve ever experienced. 

“The property market is absolutely booming due to the stamp duty holiday, and our BTL product, which comes with zero stress-testing, is proving a particular hit with brokers and their landlord clients. 

“More broadly, what we’re finding is that we have now become a lifecycle lender for brokers, providing bridges to help their clients acquire units and move through the planning process, then funding the refurbishments to enhance value and yield, and ultimately moving them onto our five-year BTL loans.”

Recently, Octane opened its entire BTL range to all brokers and announced its partnership with Twenty7Tec.

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