Octane provides £4.3m complex bridging facility
‘Product-less’ lender Octane Capital has provided a £4.3m bridging loan to an experienced landlord who required the funding for business purposes.
The loan involved a £1.2m capital raise across a 21-unit portfolio of commercial, residential and mixed-use properties, with the additional funding used for business reasons.
Reflecting the complexity of the deal, the transaction saw 21 valuations undertaken across London by Capital Value, Taylor Wilkinson, Alexander Lawson and LSH.
The loan was provided over a nine-month term and was introduced by Adam Stiles, mortgage and protection consultant at Keystone Wealth Management.
Howard Kennedy carried out the legal due diligence for the transaction and received the property packs just one week before the deadline. The team pulled together and managed to produce 13 Report on Titles (RoTs) 24 hours before completion day.
Due to the quick turnaround, the borrower was able to sign their finance documents a full day before an already tight deadline.
Mark Posniak, managing director, Octane Capital, commented:
“This case highlights how strong working relationships between lenders, solicitors and surveyors can get even the most complex deals completed in record time. The deal was underwritten by Rick Hollingsworth, Graham Butcher and overseen by director of credit, Matt Smith, who pulled everything together in time to make this happen. I would like to extend my praise to Laura Brown, Steve Clinning and their colleagues at Howard Kennedy for their hard work and determination to get this complex deal over the line in time. It was fantastic teamwork all round.”
Adam Stiles, mortgage and protection consultant, Keystone, added:
“This was a difficult transaction and I honestly didn’t think we could get this paid out in three weeks. There were so many different assets, some of which were part way through refurbishment, that made up the property portfolio. But for complex and urgent deals Octane are always my first port of call. It is fantastic working with the team there and I look forward to sending more clients their way in the future.”