Octane Capital passes £1bn of completions
#3rdgen lender, Octane Capital, today announced that it has passed £1bn of completions, just over four years since its launch in May 2017.
Since the lender opened its doors, it has received 3,274 applications with a combined value of over £2.4bn and made AIPs (agreements in principle) of £8.8bn. It has completed on 1,375 loans.
Octane launched in 2017 as the first ever UK lender to have no products, which it referred to as the #3rdgeneration of property finance. Instead, each loan, whether a bridge, refurb or developer exit, is fully bespoke. It remains the only ‘product-less’ lender to this day.
Last year, it pivoted to a hybrid model and launched its first product range, a buy-to-let facility with a pay rate starting at 3.99%. Uniquely, Octane’s buy-to-let loans require zero stress-testing, which is proving a growing challenge for brokers and landlords.
Jonathan Samuels, CEO, Octane Capital, commented: “£1b of completions is a significant milestone for us and reflects the exceptional efforts of our team over the past four years. Since launching, we’ve evolved our model into a hybrid platform, offering product-less solutions and buy-to-let products alike. But what both have in common is our highly commercial risk proposition, which is single-mindedly focused on finding a way to make a loan work.”
Mark Posniak, managing director, Octane Capital, added: “I’d like to say a huge thank you to all our broker, legal and surveying partners, without whom reaching £1bn of deals would have been impossible. We’re only as good as the people we work with and whose skills we rely upon, and on that front they never let us down. We’re looking forward to hitting £2bn, which could come round a lot quicker if the current pace of market activity continues.”
Matt Smith, director of risk, Octane Capital, commented: “We are really proud of hitting the £1bn mark but even more so when you look at how the loan book is performing. With over £600m already redeemed, it shows that we are making the right decisions. I would also like to add a special thank you to our wonderful team who constantly go the extra mile for our partners.”
