Octane launches 75% LTV refurb and dev exit products

The firm has maintained its interest rates, which are linked to BBR, at 0.75% per month.

The lender’s refurbishment product now offers up to 75% LTV net day one — with no interest retained from the day-one lend, plus 100% of refurbishment costs.

Due to pricing being driven by LTGDV, the higher day-one position will not increase the product’s rates, according to Octane.

Alongside this, the specialist lender is offering 75% LTV on development exit loans, with cases being priced at the same level as 70% LTV deals.

The 75% LTV development exit loans can be used on completed schemes only, while its 70% LTV offering can be used on complete or nearly complete new-build developments.

Jonathan Samuels, CEO and founder of Octane commented: “We felt now was the right time to make a positive change to our criteria.

The base rate reduction last month was great news for both new and existing Octane borrowers; it sparked a rate reduction across all of our products and our entire variable loan book.

“Crucially, this increase in leverage does not coincide with an increase in rate.”

“We want to continue to back ambitious property investors with the best possible leverage, product and pricing.”

“With the market stabilising, we hope these changes underline our desire to support brokers and their clients.”