Octane capital

Octane passes £1bn of completions

Octane Capital has today (10th June) announced it has passed £1bn of completions, just over four years after its launch.

Since it opened its doors in May 2017 to “return bridging to its roots”, the specialist lender has completed 1,375 loans, received 3,274 applications with a combined value of over £2.4bn, and made AIPs of £8.8bn. 

“I’d like to say a huge thank you to all our broker, legal and surveying partners, without whom reaching £1bn of deals would have been impossible,” commented Mark Posniak, managing director at Octane Capital (pictured above, left).

“We’re only as good as the people we work with and whose skills we rely upon and, on that front, they never let us down. 

“We’re looking forward to hitting £2bn, which could come round a lot quicker if the current pace of market activity continues.” 

Matt Smith, director of risk at Octane Capital (right), divulged that over £600m has already redeemed, which he said, “shows that we are making the right decisions”. 

“I would also like to add a special thank you to our wonderful team who constantly go the extra mile for our partners,” he stated.

The business — which launched without a product sheet — introduced a hybrid model last year, bringing its first product range, a BTL facility with a pay rate starting at 3.99%, to the market.

The offering requiring zero stress testing, as reported in Bridging & Commercial Magazine, and was opened up to all brokers in April.

“£1bn of completions is a significant milestone for us and reflects the exceptional efforts of our team over the past four years,” commented Jonathan Samuels, CEO at Octane Capital (centre). 

“Since launching, we’ve evolved our model into a hybrid platform, offering product-less solutions and BTL products alike. 

“But what both have in common is our highly commercial risk proposition, which is single-mindedly focused on finding a way to make a loan work.”

Earlier this month, Octane completed its largest ever loan, a £17.35m five-year BTL facility, which involved the refinance of 40 properties across London, comprising more than 160 units. 

This followed its biggest ever quarter for completions, with £92m lent during Q1 2021. 

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