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05 April 2017
Octopus Property sets new monthly lending records
Octopus Property has set a series of new monthly lending records in March. Under Mario’s leadership we’ve made a number of important staff changes to enable us to build for long term success.
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These changes have been accompanied by a raft of rate and product improvements which, when combined, have resulted in the loan book growing at its fastest rate since 2012. This month’s records include:

·        Over 300 new loans agreed

·        Over 130 new loan applications received

·        71% increase on 2016’s average monthly completions

·        c.£80m of total loan completions 

·        Launched 2 new residential refurbishment products

·        Launched 8 new residential bridging products 

Among the c.£80m of completions was a £9.0m residential bridge loan that was provided to exit a recently completed London development scheme, a £6.0m day-one lend on a new residential development scheme in Chalk Farm and a £4.5m commercial bridge loan on a recently branded hotel in Buckinghamshire, showing our diverse lending capabilities.

Off the back of the changes that we’ve made to the team and our biggest product overhaul since launching in 2009, we’re delighted to see these new records being set. Market demand for well targeted, well priced and well delivered lending remains undiminished and our team couldn’t be in better shape to meet these demands. We couldn’t set new records without the support of our brokers, so we’ll remain focused on delivering award winning products and service to meet their needs as we continue to grow.

Thanks again to all of our brokers, borrowers, solicitors, valuers and of course the Octopus Property team.

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06 March 2017
Octopus Property cuts refurbishment rates
Octopus Property has slashed rates on its refurbishment loan product as part of a comprehensive product update being rolled out in 2017.
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The revised product now offers clients rates starting at 0.8% per month with no exit fee for option one or 7% per annum with a 2% exit fee for option two.

The move follows news that Octopus had cut rates on its residential bridging range in February.

 

 

Option 1

Option 2

Arrangement fee

2.00%

2.00%

Interest rate

0.8% pm

7.00% pa

Exit fee

0.00%

2.00%

 

Mario Berti, CEO of Octopus Property (pictured), said: “In reducing our rates for refurbishment loans, we will provide developers and property professionals with a competitive product which meets their need for a fast and flexible lending solution.”

The refurbishment loan product can be used for all types of refurbishment requirements, including house conversion into flats, conversion of a commercial asset into residential or a full internal rework of a property.

Octopus funds up to 70% of the final GDV of a scheme and will lend 100% of the cost of works.

“This is the second major change we’ve made this year as part of our product overhaul."

“Throughout 2017 we will be making changes to our loan range, including buy-to-let and commercial, in order to deliver an even more compelling proposition for our clients.”

Earlier this month, Octopus revealed it had provided a commercial bridge to fund a £24m office acquisition in just four days.

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01 March 2017
£24m acquisition completed within 4 working days!
Octopus Property is proud to announce that it has completed an urgent commercial bridge loan to facilitate the acquisition of a £24m office building within just 4 working days.
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The enquiry was received by Justin Cooper from Westley Richards of Buchler Barnett Spencer late last Wednesday, at which point the team began underwriting the deal before instructing Steve Clinning of Howard Kennedy Solicitors early on Thursday morning.

Thanks to the highly collaborative efforts of Octopus Property’s Sales, Commercial and Credit teams, and all those in the Howard Kennedy legal team, the loan was completed by 3.20pm the following Tuesday, just 4 working days after the Application Form and KYC documents arrived.

Ludo Mackenzie, Head of Commercial Property at Octopus commented that “this was a classic Octopus Property deal – tight timeframe, complex structure and large lot size. Buchler Barnett Spencer are an established introducer of high quality loan requirements to Octopus, so it was extremely satisfying to complete this deal with them.”

Steve Clinning, Head of Banking and Asset Finance at Howard Kennedy was swift to identify that "the long standing relationship between the teams at Octopus and Howard Kennedy meant that all potential issues were identified and resolved early, making the process seamless with the deadline for completion being met with relative comfort."

 Westley Richards of Buchler Barnett Spencer commented that “there really aren’t many lenders who can turn around deals like this. We’ve worked with both Octopus Property and Howard Kennedy for many years and knew that when they gave their commitment, they would work together to ensure the loan was delivered.”

If you require property finance, urgent or not, please get in touch with [email protected]
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06 February 2017
Bridge rates cut by Octopus Property
It’s all happening at Octopus Property. Over the past couple of months, we’ve undertaken a detailed review of our entire product range (it must have been fairly detailed as we’ve gone through at least a dozen whiteboard markers).
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Why have we done this? Well, our products haven’t been properly reviewed in their entirety since we started trading way back in 2009, so we felt it was high time.

The sector has certainly evolved considerably over the past eight years and so have our borrower’s requirements. So, in order to maintain our best-in-class offering we felt the need to evolve our own product range accordingly.

And let’s just say we’re pleased with the results. In the days, weeks and months ahead we’ve got a lot to reveal to our brokers and borrowers.

And everything, without fail, is about delivering an even more compelling proposition to the market.

We start today with the news that we have significantly reduced our residential bridging loan rates across all major LTV bandings. With immediate effect, the following rates will apply:

Octopus Property Residential Bridging Loan Range 2017

LOAN-TO-VALUE

INTEREST RATE (PM)

Up to 50%

0.60%

50.1%-55%

0.65%

55.1%-60%

0.70%

60.1%-65%

0.75%

65.1%-70%

0.80%

It goes without saying that, as well as some of the best rates available, brokers will also enjoy the service levels and flexibility that Octopus Property is renowned for.

Oh, and as mentioned above, these new rates are just the first instalment of a comprehensive product update that will be rolled out during 2017. In the months ahead, we’ll be announcing improvements across our entire lending suite, including buy-to-let, commercial, refurb and development. Expect to hear from us again soon!

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