Octane Capital has completed a £2.6m bridge-to-let loan in nine days to a client of specialist broker, PCF Financial Services (PCF).
The two-year facility was made against a block of 47 unencumbered residential flats in Suffolk with a value of £5m. The borrower, an experienced and acquisitive landlord, wanted to free up capital to purchase further properties.
PCF’s client plans to get the flats fully let and refinanced during the in-built seven-month ERC-free period, with the buy-to-let facility provided by Octane Capital acting as a back-up.
Mark Posniak (pictured), managing director of Octane Capital, said: “Despite the complexity of the security, we had the best of both worlds on this deal. PCF’s client is a highly experienced UK landlord while PCF are an exceptional broker who packaged everything just as we needed it.
“On this occasion the loan made was at roughly 50% LTV, but brokers should be aware that we will consider higher LTVs and more challenging borrower profiles with this particular product. This product was perfect for the client too as it offers the flexibility of a bridge for the first seven months coupled with the security of a buy-to-let for the remainder of the term if needed.”
Mark Sarratt, managing director of PCF, added: “This was specialist short-term property finance at its finest. We really appreciate the speed and attention to detail demonstrated by Rick Hollingsworth and the rest of the Octane team. When it comes to complex and larger loans like this, Octane are among the best out there. We’ll definitely be putting more deals their way in the future.”