Octane Capital has relaunched its bridging and refurbishment rate and is set to resume fixed rate buy-to-let lending early next year.
The lender withdrew its fixed rate buy-to-let loans in June due to swap rate uncertainty and will bring these back in January with new pricing.
Its bridging variable rates begin from bank base rate plus 0.37 per cent per month. It will be available on residential units above commercial properties, houses in multiple occupation, multi-unit freehold blocks and to non-UK nationals.
Octane’s refurbishment variable rates start from bank base rate plus 0.4 per cent per month. This includes light, moderate and heavy works up to 75 per cent of the property’s value.
The lender will provide leverage up to 70 per cent loan to value (LTV).
It has also laid out plans to increase its loan book to £1bn within the next three years using existing investor equity and institutional debt.
Octane: ‘Recent turbulence…a significant opportunity’
Jonathan Samuels, CEO at Octane Capital, said its newly launched bridging and refurbishment rates provided the foundation of its goal to become a leading speciality property lender.
He added: “We are tackling the 2023 property market head-on and see recent turbulence as a significant opportunity.
“We are committed to our famously open-minded approach in considering complex cases and continue to specialise in what may be considered ‘difficult’ deals that other lenders may automatically turn down.
“These are exciting times for Octane Capital in our quest to double our loan book in the next two to three years and the revised structure provides for that.”
Shekina is the commercial editor at Mortgage Solutions. She has over four years’ experience in the B2B publishing market, with previous industries including the accounting, pet, funeral, hospitality, retail and jewellery trades.
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