Octane completes on £1m auction bridge in 9 days during lockdown
‘Product-less’ lender, Octane Capital, today announced it has completed on a £1m auction bridge for a client of London-based broker, GI Solutions.
When Octane received the pack, the client was already in a 10-day notice period, having been let down at the eleventh hour by another lender. As a result, they faced losing a six-figure deposit.
But swift teamwork from solicitors Seddons, valuers Symington Elvery, Octane and Panny Antoniou of GI Solutions meant the 12-month loan, at 70% LTV against the purchase price, was completed in just 9 days and the auction purchase could proceed.
The 9-day turnaround was a significant achievement given the additional challenges created by the lockdown and the nature of the asset, which comprised four two-bed and two three-bed units.
Panny Antoniou, commercial director, GI Solutions, commented:
“Octane pulled out all the stops with this one, which was all the more impressive given that we are in lockdown and our client risked losing a sizeable deposit in a matter of days. It highlights the best of bridging and goes to show what can be achieved when people work together.”
Matt Smith, director of credit and risk, Octane Capital, added:
“This wasn’t a straightforward property and the client was already in their 10-day notice period when we were first approached. Thankfully, Panny packaged the deal perfectly, Seddons were as efficient as ever and Symington Elvery did a great job of readdressing the survey carried out for the original lender. Special thanks, too, to Dan Tyson, who underwrote the deal and navigated all the obstacles excellently.”