Octane Capital completes its first bridging loan
In less than two weeks since its launch, ‘productless’ third generation lender, Octane Capital, today announced it has completed its first bridging loan.
The loan — a £500,000 bridge for a foreign national purchasing a new build flat in South West London — was introduced by Simon Ryder of financial advisory firm and brokerage, First Financial, and completed last Friday.
In early May, Octane launched with a twist: it will not offer a list of products with rates determined by LTV. Instead, each loan will be structured on a highly bespoke basis and priced according to risk.
With its in-house experience — its founders have loaned over £2.2bn across 4000 loans — Octane Capital will focus on complex, non-standard and larger loans that brokers may struggle to place with other lenders.
Mark Posniak, pictured, Managing Director, Octane Capital, commented:
“It’s fantastic to be out of the blocks with First Financial, who immediately understood the pricing model we’ve introduced. It’s also great to have formal proof of concept for what we believe is the future of specialist lending. Since launching, our ‘productless’ model has attracted more interest from brokers than we could ever have hoped for. Best of all, we have plenty of other loans in the pipeline and are enjoying every minute of it.”
Simon Ryder, Director, First Financial, added:
“For anything slightly non-standard or complex, I have no doubt Octane will become the go-to lender for brokers. Its team has a vast amount of experience and love the loans that other lenders shy away from. Rather than obsess over LTV, they’re able to rapidly drill down into the detail of a loan and price and structure it accordingly. Oh, and it goes without saying that we’re thrilled to have introduced the first loan for this revolutionary new lending model.”