Widescale product revamps underpin £100 million record month for Octopus Property
Specialist property lender Octopus Property, part of the Octopus Group, announces that it originated £100 million of new lending in October, a record for the business, attracting both new and existing borrowers to its growing product range.
49 new loans were originated in October, spanning Octopus Property’s full suite of products including commercial bridge, buy-to-let, development exit and refurbishment. Highlights from the month include:
- £12.6m commercial bridge with permitted development rights for an office block in Canary Wharf, London
- £14.6m development exit bridge on a new build development of 16 premium apartments and two commercial units, with river views in southwest London
This record month follows a recent revamp of Octopus Property’s commercial term product which now has a reduced minimum loan size of £350,000, aligned with increased demand outside of London and the South East. These changes also follow revamps of the bridge-to-let, development exit and refurbishment products which further enhance the business’ competitive and flexible lifecycle lending proposition.
In the quarter, Octopus Property made 15 new hires, as it continues to strengthen its regional footprint, as well as its credit and case management experience for brokers. These changes are in direct response to demand from its increasingly diverse range of property professional borrowers.
Mario Berti, pictured, Chief Executive of Octopus Property, commented:
“We are very encouraged to hit yet another significant milestone which reinforces our lifecycle lending strategy and our continued commitment to expanding our regional teams and adapting our product ranges, to better meet the varied need of our clients across the UK.
“This record month is further proof that the market for alternative lenders continues to go from strength to strength, a trend which was clearly highlighted by the recently announced Cass mid-year lending survey results, chiefly driven by the increasing retrenchment by traditional lenders and the supportive macro conditions.
“Thank you to all our brokers and borrowers for your continued support”