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Octane Capital completes £1m bridge to save auction deal

  • 07/05/2020
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Octane Capital completes £1m bridge to save auction deal
Octane Capital completed a £1m bridging loan in nine days preventing a borrower from losing a six-figure deposit on an auction purchase.

When Octane received the application the client had already put down a deposit on a property believing they had secured finance with another lender that later let them down.

Octane worked with solicitors Seddons, valuers Symington Elvery and broker GI Solutions to turn around the 12-month loan at 70 per cent loan to value allowing the auction purchase to go ahead.

Panny Antoniou, commercial director, GI Solutions, said: “Octane pulled out all the stops with this one, which was all the more impressive given that we are in lockdown and our client risked losing a sizeable deposit in a matter of days.”

Matt Smith, director of credit and risk, Octane Capital, said: “This wasn’t a straightforward property and the client was already in their 10-day notice period when we were first approached.

“Thankfully, Panny packaged the deal perfectly, Seddons were as efficient as ever and Symington Elvery did a great job of readdressing the survey carried out for the original lender. Special thanks, too, to Dan Tyson, who underwrote the deal and navigated all the obstacles excellently.”

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