Octopus Property slashes development finance rates

In a conference attended by a number of new and existing brokers, Octopus revealed that it had dropped its development finance rates to as low as 6.5% pa, with products available at 60%, 65% and 70% LTGDV.

This is the latest update following an overhaul of its products this year, including cutting its refurbishment and residential bridging rates.

The lender, which broke a monthly lending record of £80m worth of deal completions in March, also reported that it had more products up its sleeve. 

D'mitri Zaprzala, head of sales at Octopus Property (pictured above), said that it was great to see so many of its key partners over the course of the three breakfast events it had held.

“Over 70 of our key partners were in attendance and it was great to be able to share the improvements we have made to our product sets. 

“It was also an opportunity for us to show our appetite to lend. We have the ability to consider every deal on the market and our new pricing allows us to be more competitive than most while maintaining the speed, certainty and flexibility that we have become synonymous with.

“As well as sharing what we have done, we were also able to give an insight into what we are going to do in the next 12 months. 

“The feedback has been great and we look forward to working with our brokers to deliver even more.”

Chris Treadwell, head of Enness Commercial, who attended one of the briefings, said that Octopus had hosted a fantastic event.

“Not only was it a great opportunity to meet the people behind the business, who you wouldn’t normally meet, but it’s insightful in terms of knowing what they’re planning for the future, and why they do what they do. 

“As a broker, this kind of knowledge is invaluable, enabling us to advise clients based on the current market and lender activity. 

“More lenders should offer this engagement opportunity, as these relationships are what help businesses like Enness provide clients with whole-of-market advice.”

Nayeem Sohal, business development director (South East) of Pure Commercial Finance, who also attended the event, said that the briefing was both informative and interactive.

“Not only were we given a briefing regarding the next stage of evolution for Octopus Property, we were able to discuss with each of the presenters potential deals on a one-to-one basis – they are very accessible and each of them knows their level of specialities, which results in quick decisions. 

“We have a fantastic, longstanding relationship with the firm and these kinds of events help to keep us brokers on the frontline when speaking to potential clients.”