Octopus Property hits record £100m lending in October

The record month concluded a record three months for the business with £235m in loans completed between July and October 2018.

Overall, Octopus has now deployed more than £3.6bn across over 3,100 loans.

The lender originated 49 new loans in October, spanning the full suite of products including commercial bridging, buy-to-let, development exit and refurbishment.

This included a £12.6m commercial bridge with permitted development rights for an office block in Canary Wharf, London, as well as a £14.6m development exit bridge on a new build development of 16 premium apartments and two commercial units, with river views in South West London.

The month comes after Octopus revamped its commercial term product, which now has a reduced minimum loan size of £350,000, aligned with increased demand outside of London and the South East.

In the quarter, Octopus Property made 15 new hires, as it continues to increase its regional footprint, as well as its credit and case management experience for brokers.

Mario Berti, chief executive of Octopus Property (pictured), said: “We are very encouraged to hit yet another significant milestone which reinforces our lifecycle lending strategy and our continued commitment to expanding our regional teams and adapting our product ranges, to better meet the varied need of our clients across the UK.”