Third generation lender, Octane Capital, today announced it took a £400,000 bridging loan facility for a client of specialist packager, CPC Finance, from enquiry to completion in just four days.
The loan was secured against two properties in Southall, West London, which the client had built but needed to rapidly refinance in order to avoid repossession when another short-term lender had let them down at the last minute.
Octane Capital, which launched in May 2017, prices according to risk rather than Loan-to-Value, so is able to look at any loan application by any prospective borrower whatever the circumstances — a quality that came into its own for this particular deal.
Matt Smith, pictured, Director of Risk, Octane Capital, commented:
“Having been let down by another lender at the eleventh hour, CPC Finance’s client was at genuine risk of repossession and so we had to act quickly, turning the survey around in just 48 hours. We were immediately comfortable with the deal and, with the help of Karl Griggs, were able to get it across the line in just four days. It wasn’t the biggest loan but, for me, this was bridging at its finest.”
Karl Griggs, Director, CPC Finance, added:
“Octane stepped in at short notice and saved the day with this loan. My client had been badly let down with just days to spare and I immediately knew Octane would be one of the few lenders that could respond so quickly under this kind of pressure. Their risk team take impossible deadlines in their stride with the result that my client now has a year in which to sell the two properties.”