Record third quarter for Octane completions
- Applications also hit all-time quarterly high since launch in 2017
#3rdGen lender, Octane Capital, today announced that Q3 2020 was its biggest quarter for completions yet since launching in 2017.
The number of completions recorded between July and September 2020 was up 125% on the same period last year, and 158% on Q2.
Octane also saw a 190% increase in applications during the third quarter of the year compared to the same period in 2019, achieving another record high. Applications were also up 156% on Q2 2020.
Matt Smith, director of credit and risk, Octane Capital, commented: “Activity in the property market went off the Richter scale when the country emerged from lockdown. The massive release of pent-up demand, subsequently boosted by the stamp duty holiday, resulted in a record third quarter for completions, with our entire team working flat out just to keep up. All our lending channels are pedal to the floor, from bridging and refurbs to developer exit loans and our newly launched buy-to-let product. Acquisitive landlords are taking particular advantage of our bridging facilities in order to expand and improve their portfolios in advance of a predicted surge in rental demand.”