Octane Capital has completed a £650,000 bridging loan for the purchase of an industrial unit in London.
The loan, at 65% LTV, was for a vacant car park in East London with only 25% building coverage, which put off a number of lenders.
However, Octane Capital could see that the broker, Mantra Capital, had structured the deal as being income generative post-purchase.
The security was a first charge on the asset, a debenture and limited personal guarantees. Due to annual leave, two sets of lawyers were required, adding to the loan’s complexity.
Nimesh Sanghrajka, managing director of Mantra Capital, said: “Octane are a breath of fresh air and exactly what the crowded bridging market needed. They have the experience and commercial instinct to understand any deal and the fact they aren’t limited by set products enables them to make common-sense lending decisions quickly.
“There was a lot of pressure on them to deliver on time for this loan, and to meet the deadline Matt Smith and Matt Bird both worked tirelessly out of hours. For anything non-standard, Octane are our first port of call.”
Mark Posniak (pictured), managing director of Octane Capital, added: “With their deep banking knowledge and vast experience in the specialist lending sector, Mantra Capital are the kind of broker every lender wants to deal with. Their track record when it comes to complex loans is second to none, which sits perfectly with our own lending model.
“Importantly, they are always deeply involved in structuring deals and remain actively involved from the first phone call all the way through to completion.”