Octane Capital refinances complex buy-to-let portfolio

Mortgage Introducer

August 14, 2017

Octane Capital has completed the £1.1m refinance of a complex buy-to-let portfolio comprising four properties in East London and Essex.

The deal, which was at 65% loan-to-value, was made more difficult due to the borrower’s poor credit score and inability to evidence all rental income.

Mark Posniak, managing director, Octane Capital, said: “This was a classic example of how a specialist lender that is prepared to dig deep and get to the bottom of a person’s circumstances can take a view and provide finance.

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“Yes, this borrower had some issues but we were comfortable with the underlying assets and their ultimate goal to get their finances in shape and refinance away to a term lender in a couple of years’ time.

“Loans that other lenders would give a wide berth to are generally our bread and butter.”

Two of the properties secured on were ex-Local Authority and the borrower was required to provide a personal guarantee because a debenture was not achievable.

To save the client time and money, Octane used a retype of valuations that had been carried out for another lender.

The borrower’s plans to remortgage with a high street lender in two years’ time once their credit profile and the tenancies have improved.

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