Octane Capital has completed a £900,000 bridging loan for a client of Mortgages for Business in jut four working days.
The client, an experienced property developer, is currently building nine houses in Kent, of which six are complete and the other three set to be finished before August.
The borrower’s original intention was to refinance onto a term loan with a specialist bank, which he needed to complete by a particular date because he had committed to purchase some land and needed additional funds to help his daughter with her home deposit.
However, 10 days before the expected completion date of the term loan, it came to light that the six finished houses did not have Building Control sign-off and New Build warranties because the entire development wasn’t finished.
The client’s broker, Mortgages for Business, approached Octane Capital.
A valuation had been carried out for the term lender but they were not on Octane’s panel. With the clock ticking, Director of Risk, Matt Smith, therefore agreed to accept an Asset Manager visit only, along with a Personal Guarantee from the borrower.
Octane’s risk team, including Case Manager Jamie Oxley, received additional reassurance when Building Control confirmed site visits were up-to-date and satisfactory.
Paul Cain of RFB Legal was the solicitor for the deal, while the Asset Manager report was carried out and reported on in 48 hours by Bridgeshield. The facility, completed in four working days, was offered at 42% loan to value.
Jeni Browne, business development director at Mortgages for Business, said: “When the clock is ticking and the deadline tight, Octane are one of the best lenders out there. They have a unique way of approaching deals and just seem to instantly get it, and get it done. We look forward to sending more deals their way in the future.”
Matt Smith (pictured), director of risk at Octane Capital, added: “This was a textbook bridge and a perfect example of #3rdgen, flexible lending at its best. Of course, a bridge is only as good as the broker and Mortgages for Business were on top of their game as ever. Thanks should go to all involved, from Jamie Oxley and Jeni Browne through to Paul Cain of RFB Legal, who pulled out all the stops.”