Octane Capital

Octane completes its largest ever loan

Octane Capital has announced it has completed it biggest and most complex loan to date.

The £17.35m five-year BTL facility was provided to Mr Patel of London-based landlord, PTL Estates.

The loan — at 4.99% with 1% interest deferred — involved the refinance of 40 properties across London, comprising more than 160 units.

Some of the properties had planning irregularities but, by working closely with the borrower and his broker, Liubov Vaskevych at Your Mortgage Advisor, Octane was able to seek the reassurances it needed.

“We’re glad to have got this deal over the line and I’d like to say a special thank you to Shrena Patel [senior BDM] at Octane who was persistent and patient with the borrower and found a solution to meet our client’s needs,” said Liubov. 

“After being let down by the previous lender, we were confident that Octane would be able to help with this complex portfolio transaction.”

In order to meet a tight deadline, the specialist lender’s streamlined approach to legal due diligence included using title indemnity insurance on a proportion of the portfolio and no searches on most of the other properties owned by the client.

This enabled the transaction to complete in less than six weeks from the instruction of lawyers. 

“It’s always pleasing to complete a transaction of this complexity ahead of the client’s expectations,” stated Alex Tyrwhitt, head of structured finance at Octane (pictured above). 

“Liubov worked tirelessly with the borrower from the outset to ensure we had all the necessary information to move quickly. 

“PTL Estates is a professionally run, family-owned business and a pleasure to work with.”

Mr Patel added: “Octane was fantastic and better than any lender we have worked with before. 

“It was professional and a pleasure to deal with and delivered exactly when it said it would — in fact, ahead of time!”

Weightmans represented Octane, while the valuer was Spyros Michaelides, associate director at Colliers, who completed a 250-plus page portfolio valuation report.

Seray Kitchingman, principal associate at Weightmans, commented: “We are delighted to have been able to help Octane get this complex portfolio deal over the line in a tight timeframe. 

“Octane’s pragmatic and commercial approach to the due diligence exercise was key in achieving the turnaround time required by the borrower; it really was a great team effort.”

In May, the finance provider boosted its BTL sales team with two new BDMs after announcing that Q1 2021 was its biggest ever quarter for completions, with £92m lent during this period. 

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

The specialist lender initially launched its BTL offering during the first national lockdown, providing a pay rate starting at 3.99% and requiring zero stress testing, as reported in Bridging & Commercial Magazine. 

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