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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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17 August 2016
Octopus Property provides £18.5m acquisition bridge in South East
Short- and medium-term lender, Octopus Property, part of the Octopus group, today announced it provided an £18.5m acquisition bridge for the purchase of 50 units of a recently completed development in the South East.
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The client was introduced by Tony Ibson of Simply New Build, which provides niche lending solutions for clients around the UK. To ensure the best possible terms for the borrower, the 2-year acquisition bridge was packaged by Kit Thompson of Brightstar.

Crucially, Octopus Property was able to boost the LTV to 68% and lower the interest rate burden by taking into account the fact that 15 of the units had already exchanged. This meant it could structure the debt even more aggressively.

Mark Posniak, Managing Director, Octopus Property, commented:

“Tony is a high quality introducer and Brightstar being Brightstar meant a lot of the required hard work had been done before the deal was even presented to us. By taking into account the fact that a decent chunk of the units had already been sold we were then able to provide optimal loan terms. A loan of this size, at this LTV, hopefully shows that if the numbers stack up, our appetite to lend remains very strong whatever is happening in the broader economy.”

Tony Ibson, Director, Simply New Build, added:

“I have known Mark and the Octopus Property team for many years and when the client approached me they were always going to be the first port of call. We initially spoke to them about potentially financing the acquisition in March and, against a backdrop of the EU referendum, I was impressed by the certainty of lending they provided throughout. For my client, the fact that they were then able to offer such competitive terms by really drilling down into the details of the loan was the icing on the cake.”

Kit Thompson, Head of Bridging, Brightstar Financial, commented:

“For big and bespoke loans, Octopus Property, with their considerable financial strength and experience, are always one of the go-to lenders. When they say yes, they really do mean yes and that’s invaluable in this kind of uncertain market environment.” — Ends —
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