Octopus Property has revised its bridge-to-let, development exit and refurbishment products.
The lender says the changes are in direct response to demand from its increasingly diverse range of property professional borrowers.
Octopus Property has reduced rates to 6.99% per annum for its established bridge-to-let product and development exit products. The products have a minimum loan size of £500,000 and loans over £10m will be considered.
The bridge-to-let product sits within Octopus Property’s lifecycle lending proposition, giving investors and developers the ability to refinance their completed schemes whilst giving them the option of either selling or retaining the properties. Both products also have the option for a 12-month ERC free period.
Its refurbishment product, covers most types of refurbishment, from light works through to full conversions. The product now offers a rate of 0.8% per month, as well as a maximum loan to value of 75% net on day one, 90% loan to cost and 70 loan to gross development value.
D’mitri Zaprzala, head of sales at Octopus Property, said: “We are committed to providing a range of products that reflect changing market demand and offer both existing and new borrowers even cleaner products, at increased levels of gearing and on more favourable rates.
“The real estate market continues to evolve, driven by both fiscal and regulatory changes as well as broader market uncertainty and we will continue to leverage the expertise and track record of the team here at Octopus to improve and innovate our offering.”
