Octane Capital underlines its appetite for non-mainstream buy-to-let
#3rdGen lender, Octane Capital, today announced the completion of a £420,000 loan that underlines its strong appetite for the growing sector that is non-mainstream buy-to-let.
The loan was to an Indian national residing in Dubai and is secured on an unencumbered flat in London.
Octane has always had a strong appetite for foreign national borrowers and, uniquely, its buy-to-let product does not involve stress testing. This meant that, despite the property’s low rental yield, Octane was able to lend at 70% LTV.
The borrower was introduced by Rey Capital Limited, an appointed representative of Connect Mortgages.
Kevin Thomson, sales director, Connect for Intermediaries, commented: “Connect has long been recognised as specialists in the buy-to-let market and as a result we have built strong relationships with our lender partners, such as Octane Capital. This case is clearly one that falls out of the mainstream but with specialist lending solutions, like the one provided by Octane, we can support our ARs and enable them to provide necessary solutions for their clients.”
Mark Posniak, managing director, Octane Capital, added: “This deal highlights why our buy-to-let product has proven so popular and how it differs from the mainstream. Our product is designed to help brokers with cases that do not fit with the majority of buy-to-let lenders. In this case, for example, we were lending to a foreign national borrower on a low yielding property at a high LTV – something that most lenders simply would not be able to do. We are delighted to have been able to support our partners at Connect.”
Sibeesh Sidharthan, managing director, Rey Capital, commented: “It has been an absolute pleasure working with Octane. I would strongly recommend them for non-mainstream BTL cases.”
