Octane Capital has provided a £17.35m five-year buy-to-let facility, its largest and most complex loan thus far.
The loan, provided to Mr Patel of London-based landlord, PTL Estates, was made at 4.99% with 1% interest deferred.
The lender said it required highly complex underwriting as it involved the refinance of no fewer than 40 properties across London, comprising over 160 units.
Some of the properties had planning irregularities but, by working closely with the borrower and his broker, Liubov Vaskevych of Your Mortgage Advisor, Octane was able to seek the reassurances it needed.
The transaction completed in under six weeks from the instruction of lawyers. Weightmans represented Octane, while the valuer was Spyros Michaelides of Colliers.
Mr Patel of London-based PTL Estates, said: “Octane were fantastic and better than any lender we have worked with before. They were professional and a pleasure to deal with and delivered exactly when they said they would — in fact, ahead of time! I would recommend them to anyone.”
Liubov Vaskevych from Your Mortgage Advisor, added: “We’re glad to have got this deal over the line and I’d like to say a special thank you to Shrena Patel at Octane who was persistent and patient with the borrower and found a solution to meet our client’s needs. After being let down by the previous lender, we were confident that Octane would be able to help with this complex portfolio transaction. Octane have always been quick and easy to work with, and always deliver on their promises.”
Alex Tyrwhitt, head of structured finance at Octane Capital, said: “It’s always pleasing to complete a transaction of this complexity ahead of the client’s expectations. The broker, Liubov, worked tirelessly with the borrower from the offset to ensure we had all the necessary information to move quickly.
“ PTL Estates are a professionally run, family-owned business and a pleasure to work with. Lawyers on both sides of the transaction were fantastic and I would like to give a special mention to Seray Kitchingman, Alex Dedekind and Helena Liebster, and the rest of the team at Weightmans who worked extremely hard and provided concise commercial advice throughout, which enabled us to achieve a highly efficient refinance.
“Spyros Michaelides of Colliers completed a high quality 250+ page portfolio valuation report and was extremely attentive throughout the underwrite, working closely with our lawyers.”
