Octane Capital,
the multi-award winning specialist finance house offering bridging finance and refurbishment finance, has announced that it has created a waiting list for its new buy-to-let offering following strong demand from brokers.
As recently revealed in the latest issue of Bridging & Commercial Magazine, Octane’s buy-to-let product requires zero stress-testing — which is a significant challenge for brokers and landlords in an increasingly conservative lending environment.
“When we initially launched, we restricted the product to a select group of partners who have supported our bridging, refurbishment, and developer exit loans, in order to iron out any creases,” said Mark Posniak, managing director at Octane Capital.
“But, in recent weeks, we’ve had so many brokers approaching us that we’ve had to create a waiting list to start getting the product into the wider market — while at the same time maintaining the service levels we value so highly.”
Original article featured here…
The product has a pay rate from 3.99% and no ERCs payable in the final two years of the term.
It is also available to first-time buyers, foreign nationals and limited companies.
“What we now know for sure is that this product is pressing all the right buttons in the current climate and we’re as keen as anyone to make it available to all,” Mark added.
Brokers can join the waiting list here.
Original article featured here…
The news comes after Octane Capital recently condensed the application process for its buy-to-let loans to just two pages, significantly reducing time to completion by half.
The lender reported that it will only take borrowers applying through the new mobile app just five minutes to navigate through the electronic ID verification, KYC submission and the electronic authority provision to ensure the required credit checks are completed.
Octane reported that this would allow brokers to complete this effortlessly on their client’s behalf — notably decreasing the time to completion.