Octane Capital partners with Connect Mortgage Network and Connect Packager
Connect for Intermediaries is the first mortgage network to form a partnership with the UK’s newest bridging lender, Octane Capital. Octane joins the panel not only of the Connect for Intermediaries mortgage network but also the panel of Connect’s packaging arm.
Connect for Intermediaries is a specialist mortgage network that caters for brokers who deal with buy-to-let, commercial mortgages and bridging. It also provides packaging services for DAs and ARs of other networks who may deal with the occasional specialist lending case.
Connect for Intermediaries currently has 14 bridging lenders on its panel but Octane, which launched just two weeks ago, brings something altogether different: Octane Capital prices according to risk rather than LTV and as a result is the UK’s first ‘productless’ lender.
Octane Capital’s founders feel that pricing on LTV alone is not what brokers want or need, especially at the more complex end of the market in which it specialises. At launch it said that brokers “want a lender who can think outside the box and find a way to get a loan over the line, rather than simply put a tick or a cross in a box according to the size of deposit.”
Jonathan Samuels, pictured, CEO of Octane Capital said:
“We’re excited to be working with Connect Mortgages as Connect’s brokers really understand the bridging market, know how to package and present deals, and also can see the value in the ‘productless’ proposition we have launched. As a third generation lender, we want to work with companies who can think on their feet and that’s where Connect thrives.”
Liz Syms, CEO of Connect for Intermediaries says:
“The brokers that use Connect for Intermediaries know the specialist lending market well and will welcome the flexibility that Octane can provide for clients in need of a bridging loan. As Octane will look at every loan on its individual merits, it means that they will lend if the business case stacks up, not because it subscribes to a particular LTV or loan amount.
“I believe that the market, and Connect for Intermediaries’ brokers in particular, have been crying out for this level of flexibility and individuality for some time and so we are incredibly pleased to be the first network and packager in the market to provide brokers with access to this exciting proposition.”