Octane Capital, the multi-award winning specialist finance house offering bridging finance and refurbishment finance, has announced a record quarter for completions. During Q1 of 2021, it completed £92m of new lending; a 121% increase on Q4 of 2020 and the highest seen since the lender was established in 2017.
The number of completions were achieved across all of Octane Capital’s products, refurbs, bridging and developer exit loans, and medium-term BTL products.
Thanks to their BTL products and the stamp duty holiday, applications in the first quarter of this year had risen by 126% compared to the last quarter of 2020.
Jonathan Samuels, CEO at Octane Capital, said: “The first three months of the year have been the most frantic we’ve ever experienced.
“The property market is absolutely booming due to the stamp duty holiday, and our BTL product, which comes with zero stress-testing, is proving a particular hit with brokers and their landlord clients.
“More broadly, what we’re finding is that we have now become a lifecycle lender for brokers, providing bridges to help their clients acquire units and move through the planning process, then funding the refurbishments to enhance value and yield, and ultimately moving them onto our five-year BTL loans.”
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Octane Capital recently opened up its buy-to-let offerings to all brokers; these products require zero stress testing, with a pay rate starting at 3.99%.