Octane Capital completes £150m of loans in first year

The ‘product-less’ provider reported a bumper April, with more than £30m of loans last month.

The lender has now hired Dominic Sheahan as a senior business development manager.

Sheahan joins from Kent Reliance and is to help build growth at the company.

Octane also confirmed the departure of sales director Tom Clark, who was part of the original launch team.

The lender doesn’t offer set loan prices or rates based on loan to value, but instead bases interest on the risk of each case.

In January, the so-called ‘product-less’ lending model was rolled out across its non-standard and conventional loan applications.

 Jonathan Samuels, chief executive at Octane Capital (pictured), said: “To pass £150m of completions in our first 12 months and £30m in April alone, our biggest month yet, is the perfect way to celebrate our first birthday.

“But since launch, the most satisfying thing of all has been the way brokers have embraced the ‘product-less’ lending model we offer.

“The third generation of lending is focused on getting simple and complex clients alike to completion in the quickest time possible, not adherence to rigid and often uncommercial criteria.”

Managing director Mark Posniak added: “We’re delighted to welcome onboard Dominic Sheahan, a highly experienced BDM, who we are confident will make an immediate impact and help us to further scale the business in line with our growth plans.

“As a company, we would also like to wish Tom Clark all the best for the future.”