Octane Capital passes £100m lending milestone
Third generation bridging lender, Octane Capital, which passed its first £100m of completions in late 2017, today announced it is taking its ‘product-less’ lending model mainstream.
To date, Octane Capital has focused primarily on non-standard and complex loans. But following broker requests for it to finance more vanilla deals, and the ease with which they were structured, the lender has now decided to open its doors to all loans.
Octane Capital, which launched in May last year, prices according to risk rather than LTV, meaning each loan is uniquely constructed rather than off-the-peg. It has given brokers the flexibility of traditional, pre-crisis bridging with the professionalism of bridging today.
Octane has hired aggressively since opening its doors, growing from an initial team of three to 14 at the end of January – with more senior hires to be announced in the months ahead. It is fast approaching a loan book of a quarter of a billion.
Jonathan Samuels, CEO, Octane Capital, commented:
“Product-less lending comes into its own with complex loans, as it provides a blank canvas on which to structure them, but in recent months a number of brokers have asked if we could help them with more vanilla deals. We were naturally happy to and, when putting the loans together, found the process to be effortless as we weren’t constrained by the parameters of product-based lending. On the back of these trial cases we have decided to take third generation lending into bridging’s mainstream.”
Mark Posniak, pictured, Managing Director, Octane Capital, added:
“The product-less lending model was untried and untested but the broker community has embraced it and demand has been growing by the day. Brokers love the fact that they’re not having to shoehorn a client into a fixed loan category but can instead work with a lender from the bottom up. We’re now hugely excited to be offering this new lending model to the market as a whole. 2018 is the year third generation lending will come into its own.”