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Octane and ADD rescue Essex project with rapid £250k bridge

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  • 07/11/2019
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Octane and ADD rescue Essex project with rapid £250k bridge
Octane Capital has completed a £250,000 bridging loan to a client of Bournemouth-based broker ADD Capital Finance, to complete the building work on a newly-acquired investment property in Essex.

 

The borrower had originally been trying to secure finance through another lender and broker but the application was not progressing quickly enough to meet their deadline.

The borrower’s accountant recommended speaking to ADD Capital Finance, who then contacted Octane Capital.

The loan was at risk of being delayed because the local authority were slow to return the searches.

To speed up the process, Octane took out indemnity insurance and the £250,000 loan was provided ahead of the borrower’s deadline.

Daniel Hornblow, director of ADD Capital Finance, praised the lender’s activity and said they had now gained further business as a result.

“Our client had lost all faith in specialist lending but with Octane’s help and experience we managed to restore it.

“Our new client has been so impressed with the experience that he has already given us a second deal to write. This wasn’t the biggest deal but it was bridging at its absolute best.”

Mark Posniak (pictured), managing director of Octane Capital, added: “Daniel and his team were on top of the deal from day one and got us everything we needed ahead of time.

“We were determined to fight like hell to make this deal happen on time and so were happy to take indemnity insurance over the lack of searches. Our philosophy is simple: there’s always a way.”

 

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