Octane Capital doubles down for Peritus buy to let client
By Bridging Loan Directory -
London, 28 September 2018 – ‘Product-less’ lender, Octane Capital, today announced it changed tack at the eleventh hour to rescue a central London buy-to-let purchase for a client of Peritus Corporate Finance.
Octane had originally offered the borrower a buy-to-let equity bridge of £250,000 so that she could acquire a new-build investment property before having to sell her existing buy-to-let, which is currently on the market.
Shortly before completion, the borrower realised she was facing a funding shortfall, specifically the stamp duty involved, and had insufficient funds to complete the new purchase. As a result of this shortfall, the client faced losing her 10% deposit.
Following discussions with Jake Baker of Peritus, Octane offered to double down and provide the borrower with the funds — circa £700,000 — to purchase the property outright. The timescale to complete was a matter of days with the developer applying pressure for a rapid completion as the unit was its last on the development.
Capital Value Surveyors set the pace for what followed by turning around a same-day valuation report, while Richards Solicitors worked seamlessly to complete the legal work, rescuing the purchase in just three days and saving the borrower’s deposit.
Mark Posniak, pictured, Managing Director, Octane Capital, commented:
“This deal was teamwork at its best. Broker, surveyor, lender and solicitor all worked together to rescue this acquisition for the borrower. A special hat-tip to Capital Value Surveyors, whose one-day turnaround was superhuman and one of the most impressive I’ve seen to date. The outcome was a perfect example of the flexibility that the #3rdGen of lending brings to the table and its unlimited potential when experienced parties are working together.”
Jake Baker, Director, Peritus Corporate Finance, added:
“Octane are exactly the kind of lender you want on your side when you hit a road bump like this. The way they were able to change tack at such short notice was something else, and not something you see much of in the market. Peritus is delighted to be a Founder Broker with Octane and we value their service and support across the Peritus Group of businesses.”