Octane Capital has completed a £420,000 loan which it believes shows its appetite for non-mainstream buy-to-let cases.
The loan was to an Indian national residing in Dubai and is secured on an unencumbered flat in London.
Octane’s buy-to-let product does not involve stress testing, which meant that, despite the property’s low rental yield, it was able to lend at 70% LTV.
The borrower was introduced by Rey Capital Limited, an appointed representative of Connect Mortgages.
Kevin Thomson, sales director at Connect for Intermediaries, said: “Connect has long been recognised as specialists in the buy-to-let market and as a result we have built strong relationships with our lender partners, such as Octane Capital.
“This case is clearly one that falls out of the mainstream but with specialist lending solutions, like the one provided by Octane, we can support our ARs and enable them to provide necessary solutions for their clients.”
Mark Posniak (pictured), managing director of Octane Capital, added: “This deal highlights why our buy-to-let product has proven so popular and how it differs from the mainstream. Our product is designed to help brokers with cases that do not fit with the majority of buy-to-let lenders.
“In this case, for example, we were lending to a foreign national borrower on a low yielding property at a high LTV – something that most lenders simply would not be able to do. We are delighted to have been able to support our partners at Connect.”