‘Product-less’ lender, Octane Capital, today announced it stepped in at the 11th hour to provide a £250,000 bridging loan to a client of Bournemouth-based ADD Capital Finance, to complete the building work on a newly acquired investment property in Essex.
The borrower had originally been trying to secure finance through another lender and broker but communication lines between the two were poor and the lender was clearly doing its best not to pay out on the deal.
Aware of the borrower’s problems, his accountant recommended he speak to ADD Capital Finance, who, aware of the tight deadline and need for a flexible, experienced lender, immediately contacted Octane Capital.
With the clock ticking and the bridging loan at risk of being delayed due to the Local Authority proving slow returning the searches, Octane responded by taking out indemnity insurance and the £250,000 bridging loan was provided with time to spare.
Daniel Hornblow, Director, ADD Capital Finance, commented:
“Our client had lost all faith in specialist lending but with Octane’s help and the #3rdgen experience we managed to restore it. The level of urgency, depth of communication and ability of Octane to think on their feet and overcome hurdles was second to none. Our new client has been so impressed with the experience that he has already given us a second deal to write. This wasn’t the biggest deal but it was bridging at its absolute best.”
Mark Posniak, pictured, Managing Director, Octane Capital, added:
“It takes two to tango. Daniel and his team were on top of the deal from Day One and got us everything we needed ahead of time. When you’re working with a broker as responsive and sharp as ADD Capital Finance, even the tightest of deadlines can be overcome. We were determined to fight like hell to make this deal happen on time and so were happy to take indemnity insurance over the lack of searches. Our philosophy is simple: there’s always a way.”