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Octane staves off repossession with bridge in four days as Oblix provides £5m refurb loan – roundup

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  • 19/06/2018
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Octane staves off repossession with bridge in four days as Oblix provides £5m refurb loan – roundup
Specialist lender Octane Capital has completed a £400,000 bridging loan to avoid a repossession in four days, as Oblix Capital has provided a £5.63m refurb bridge on a contemporary development in Newbury.

The loan completed by Octane was secured against two properties in Southall, West London, which the client had built. However, it needed to rapidly refinance to avoid repossession when another short-term lender had let them down at the last minute.

As a result, the client now has a year in which to sell the two properties.

Matt Smith, director of risk at Octane Capital, said: “Having been let down by another lender at the eleventh hour, CPC Finance’s client was at genuine risk of repossession and so we had to act quickly, turning the survey around in just 48 hours.

“We were immediately comfortable with the deal and, with the help of Karl Griggs, were able to get it across the line in just four days. It wasn’t the biggest loan but, for me, this was bridging at its finest.”

Karl Griggs, CPC Finance director, added: “Octane stepped in at short notice and saved the day with this loan. My client had been badly let down with just days to spare and I immediately knew Octane would be one of the few lenders that could respond so quickly under this kind of pressure.”

 

Oblix refurb bridge

Oblix were approached directly by the developer who required funds to complete the conversion of a large commercial unit into a block of flats.

The loan has been structured on a 12-month term and priced at 0.85%pm.

Oblix Capital’s sales director, Andy Reid, said: “This is a great example of how we were able to provide a much-needed facility that traditional banks would probably not show appetite for, and be unlikely to offer funding.

“Credit to the team here at Oblix who unlocked the complexities around the case to provide a facility that matched the exact requirements of the developer as well as realising the full potential of the development.”

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