You are here: Home -

Octane completes on £4.3m complex bridging loan deal

by:
  • 07/03/2019
  • 0
Octane Capital has provided a multi-million pound complex bridging loan to a landlord.

 

The loan included a £1.2m capital raise across a 21-unit portfolio of commercial, residential and mixed-use properties, with additional funding used for business reasons.

The transaction saw 21 valuations undertaken across London by Capital Value, Taylor Wilkinson, Alexander Lawson and LSH.

The loan was provided over a nine-month term and was introduced by Adam Stiles, mortgage and protection consultant at Keystone Wealth Management.

Howard Kennedy carried out the legal due diligence for the transaction and received the property packs just one week before the deadline, with the team producing 13 Report on Titles (RoTs) 24 hours before completion day.

Octane said that because of the speed of the turnaround, the borrower was able to sign their finance documents a full day before the deadline.

Mark Posniak, managing director of Octane Capital (pictured), said that this case highlights how strong working relationships between lenders, solicitors and surveyors can get even the most complex deals completed in record time.

Adam Stiles, mortgage and protection consultant at Keystone, added: “This was a difficult transaction and I honestly didn’t think we could get this paid out in three weeks.

“There were so many different assets, some of which were part way through refurbishment, that made up the property portfolio. But for complex and urgent deals Octane are always my first port of call.”

Tags

There are 0 Comment(s)

You may also be interested in

Read previous post:
Principality increases BTL maximum loan sizes

Principality Building Society has increased its buy-to-let and holiday let loan sizes.

Close