Octopus Property launches first commercial term loan product
Octopus Property has launched a commercial term product to add to its Lifecycle Lending proposition.
Key features of the new product include 5.5% pa fixed, interest-only and includes loans from £0.5m to £2m.
The products is valid for 2-5-year terms and with maximum LTV of 65%, with no ERCs after 24 months.
Ludo Mackenzie, head of commercial at Octopus Property, said: “With this new product we are confident of appealing to both new and existing borrowers, combining the speed and certainty of a specialist lender with the lower cost of debt traditionally associated with high street lenders.”
Nick Westoby, fund manager at Octopus Property, added: “We’ve used our market knowledge and expertise to develop a product that can help borrowers achieve their goals.
“This product allows a borrower to raise higher levels of debt and keep more of the rental income, while also enabling them to finance assets with shorter leases, or take an interest payment holiday to cover lease expiries and break options.”
This comes after the launch of Octopus Property’s latest institutional commercial debt fund CREDF II.