Octane Capital completes 1000th loan since launch

#3rdGen lender, Octane Capital, today announced it has completed its 1000th loan since launching in 2017.

The value of the 1000 loans completed to date is not far short of £1bn and almost half of the loans (493), totalling £451m, have already redeemed.

Since launch over three years ago, Octane has made 7,169 agreements in principle (AIPs), amounting to £7bn, and received 2,476 full applications worth £2bn.

Interestingly, Simon Ryder from First Financial was both the first introducer to complete a loan with Octane in 2017 and the broker behind the 1001st loan, which completed in mid-October.

Jonathan Samuels, CEO, Octane Capital, commented: “To hit 1000 loans is clearly a big milestone but for me it says even bigger things about the fantastic team we have built over the past three years. Everyone here at Octane is fully committed to what we do and the way we work and is forever going the extra mile for our brokers and borrowers alike. We’re now looking forward to our next major milestone, the imminent passing of £1bn of completions. We’re also especially proud of the redemptions number. Anyone can lend but getting the money back is what matters. With Matt Smith and our credit team, we’re in good hands on that front.”

Simon Ryder, director, First Financial, added:  “We introduced the first loan, the 1001st and, with a bit of luck, will be the broker originating the 2001st loan — and many in-between, of course. Since they launched, Octane have brought something totally new and distinct to the specialist lending market and it doesn’t surprise me that they have hit 1000 loans in such a short timeframe. With the way they’re constantly innovating, and brokers looking for robust lenders in an increasingly uncertain environment, I’m sure there will be thousands more completions to come.”