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Octopus hikes max bridging LTV following record lending month

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  • 06/06/2019
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Octopus hikes max bridging LTV following record lending month
Octopus Real Estate has announced a revamp of its unregulated residential bridging product, including increasing the maximum loan to value (LTV) to 75 per cent.

 

The product will be available for loans between £100,000 and £500,000, with a rate of 0.6 per cent per month.

The lender said the “enhanced” deal would cater to a wider range of borrowers and was part of its desire to continually review and improve its offering to brokers and their clients.

D’mitri Zaprzala (pictured), head of sales at Octopus Real Estate, said the lender wanted to offer a range of deals that were “simple and competitive”, as well as meeting the needs of a “whole spectrum of borrowers”.

He continued: “The increased level of gearing available to good quality borrowers reflects our confidence in both the quality of our underwriting team and the outlook for the UK residential real estate market.”

The product change comes after Octopus lent £101m in May, a new record high.

In total, 37 new loans were originated across its range of residential, commercial and development deals during the month.

Octopus Real Estate was officially formed last month, following the merging of Octopus Healthcare and Octopus Property.

Earlier this year it announced it was targeting annual lending of £850m.

 

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