Octopus Property has reduced rates on its refurbishment loan.
The revised product will still offer clients two options but with a reduction in rates across both.
| Option 1 | Option 2 | |
| Arrangement fee | 2.00% | 2.00% |
| Interest rate | 0.8% pm | 7.00% pa |
| Exit fee | 0.00% | 2.00% |
Octopus Property will lend up to 70% of the final GDV of a scheme and will always lend 100% of the cost of works.
Mario Berti, CEO of Octopus Property, said: “Demand for property improvement finance continues to grow. In reducing our rates for Refurbishment Loans, we will provide developers and property professionals with a competitive product which meets their need for a fast and flexible lending solution.
“This is the second major change we’ve made this year as part of our product overhaul. Throughout 2017 we will be making changes to our loan range, including buy-to-let and commercial, in order to deliver an even more compelling proposition for our clients.
“As a market-leader it’s vital for us to evolve in line with the sector in order to ensure we can continue to provide brokers and customers not only with competitively priced products, but with the exceptional levels and speed of service they expect from Octopus Property.”