Octopus Property has reported record monthly lending performance for March.
Under the leadership of Mario Berti, Octopus Property has made a number of important team changes and a raft of rate and product improvements. These, when combined, have resulted in the loan book growing at its fastest rate since 2012.
March saw over 300 new loans agreed and more than 130 new loan applications received. There was also a 71% increase on 2016’s average monthly completions and around £80m of total loan completions.
During the month, Octopus launched two new residential refurbishment and eight residential bridging products.
Completions included a £9.0m residential bridge loan that was provided to exit a recently completed London development scheme, a £6.0m day-one lend on a new residential development scheme in Chalk Farm and a £4.5m commercial bridge loan on a recently branded hotel in Buckinghamshire.
D’mitri Zaprzala, head of sales at Octopus Property, said: “Off the back of the changes that we’ve made to the Octopus Property team and our biggest product overhaul since launching in 2009, we’re delighted to see these new records being set.
“Market demand for well-targeted, well-priced and well-delivered lending remains undiminished and our team couldn’t be in better shape to meet these demands.
“We couldn’t set new records without the support of our brokers, so we’ll remain focused on delivering award winning products and service to meet their needs as we continue to grow.”
Berti added: “To set records like this is an absolutely fantastic endorsement of the changes that we’ve made to our team and our products. Our new bridging and refurbishment products have been exceptionally well received by brokers and borrowers alike and we’ll soon be launching new products for the development, buy-to-let and commercial markets.
“We continue to recruit for high-caliber people to join all areas of our team because it’s our people who ensure that we continue to deliver speed, certainty and flexibility in everything that we do.”