Octane launches self-funded refurb product

The product includes a 70% LTV net day one lend which Octane offers on refurbishment loans, but with no fees or interest charged on the refurbishment tranche.

This aims to give the borrower a higher day-one lend than would usually be available via a traditional retained interest bridging loan.

Refurbishment tranches are still available to the client if needed, however fees and interest would only be charged if or when drawn.

If the refurbishment is successfully self-funded by the borrower they will be allowed to draw the refurbishment tranche to fund other projects, aiming to give the borrower the ability to capitalise quickly as opportunities arise.

Jonathan Samuels, CEO and founder of Octane, commented: “We are always looking for ways to improve our offering.

“Having funded over £71m of bridging and refurbishment deals in Q2 alone, we are firmly setting our sights on surpassing the milestone of £2bn of lending, which would be a significant achievement for the business.

“We expect these product improvements to help us reach this goal.”