Octane unveils new bridging and refurbishment propositions

The lender’s bridging variable rates now start from BBR + 0.37% per month, while pricing for the refurbishment variable rate options starts from BBR + 0.4% per month.

Both product suites offer loans up to £10m over terms of maximum 18 months.

The bridging range is available for a variety of properties — including residential units above commercial premises, HMOs and MUFBs — and different client types, such as non-UK national borrowers. 

The refurbishment range includes options for light, moderate, and heavy projects, including works of up to 75% of the existing property value.

In addition to these changes, the lender also announced it will be relaunching its BTL proposition in January 2023.

Octane pulled its BTL products from the market over the summer, citing a rapidly changing and unpredictable financial landscape. 

It first launched its BTL product range in 2020 with the USP of requiring zero stress-testing, something that attracted strong demand from brokers.

Jonathan Samuels, CEO at Octane (pictured above), said the re-introduction of the new products will help the lender double its current loan book of £500m within the next three years. 

“We are tackling the 2023 property market head-on and see recent turbulence as a significant opportunity,” he continued.

“The recent funds raised from existing investors have given those partners further board representation. 

“As an agile business requiring a nimble board, we have consolidated management’s representation on the board accordingly.

“These are exciting times for Octane in our quest to double our loan book in the next two to three years and the revised structure provides for that,” he concluded. 

Octane has lent over £1.2bn across over 2,500 loans since its launch in May 2017.