Octopus Property cuts refurbishment loan rates

by: Edward Murray
  • 06/03/2017
  • 0
Octopus Property cuts refurbishment loan rates
Short and medium-term lender Octopus Property has reduced the rates charged on its Refurbishment Loan product.

The Octopus Property Refurbishment Loan offers one product for all types of refurbishment requirements, which could include a house conversion into flats, conversion of a commercial asset into residential or a full internal rework of a property.

There are two options available, both with terms of one to 23 months. The first carries an arrangement fee of 2% and a monthly interest rate of 0.8%, down from 1.15%. This option does not have an exit fee.

The second option also has an arrangement fee of 2% and offers an annual interest rate of 7%, down from 11%. In addition, there is an exit fee of 2% on this option.

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 (pictured), CEO, 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.”

He added: “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.

Last month the lender cut its residential bridging loan rates.

There are 0 Comment(s)

You may also be interested in


Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.


Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions

Read previous post:
Miguel Sard Santander's mortgage MD
FTBs more reliant on family loans as deposits soar

First-time buyers are increasingly seeking help from family to afford soaring deposits that commonly reach half their annual income.