Octane Capital has announced the completion of a £5.4m bridging loan to an offshore borrower in seven working days.
The loan was at 70% loan-to-value (LTV) and was for a complex HMO refinance in north London to help the client raise capital for a further purchase.
The borrower was Buchler Barnett Spencer who opted to service the loan and use part of the equity released to fund the difference between the net rental income and interest.
Westley Richards, director at Buchler Barnett Spencer, said: “Our decision to finance this project with Octane was validated by the smooth and efficient credit and drawdown process that enabled our client to complete this refinance within a tight timeframe and on very competitive terms.”
Jonathan Samuels, chief executive at Octane Capital, added: “This is the exact type of loan that we had in mind when we launched Octane Capital.
“We love to be challenged and to find a solution for even the most complex borrowing structures and circumstances. We’ll do simpler loans, of course, but if a loan sounds impossible, that’s when we like to get involved.”