Octane and Jerroms Mortgage & Finance complete bridge in eight days

Octane’s sales and marketing director, Josh Knight was approached by the introducing broker late in the day on Tuesday 25th June.

The borrower had a bridging loan secured on the property which was approaching maturity and were under pressure to repay their existing lender after a sale had fallen through.

The borrower was facing possible late repayment fee of over £10,000 as well as default interest if they were unable repay their bridging lender on time.

Octane’s loan was at 70% LTV at a rate of 0.39% per month plus BBR.

Josh and senior credit manager, Nicky Pack immediately began working on the deal, with a surveyor instructed on the day the deal was received and solicitors instructed the following morning — within two days James Humphries of Capital Value Surveyors was able to turn around his report.

Nicky worked alongside Octane’s Solicitors, Meg Prigmore and John Smith of Fieldfisher, to ensure the case completed on time.

Commenting on the deal, Josh said: “Every broker I speak to comments on how long completions are taking to materialise at present.”

“In a market typified by this slow pace, it is refreshing to still be able to operate within traditional bridging timescales.”

“A huge thank you to Nicky, Meg, John and James for their efforts in completing this deal so quickly.”

Octane’s broker, Paul O’Reilly at Jerroms Mortgage & Finance, also commented: “Josh and the team responded straight away when I highlighted the urgent requirement and they worked with all parties to ensure that the clients avoided expensive penalties when their existing finance expired.”

“With timescales pushing out on so many transactions, it’s great to see a Lender stand behind their ability to move quickly when necessary.”