Octane Capital
, the multi-award winning specialist finance house offering bridging finance and refurbishment finance, has announced that it has had a record number of completions. The number recorded between July and September this year was up 125% on Q3 last year, making it the biggest quarter for completions since Octane Capital was launched in 2017. This was also a 158% rise on the figures from Q2 this year.
There has also been a significant rise in applications recently, with a 190% increase in Q3 compared to the same period last year. In Q2, applications also rose by 156%.
Matt Smith, director of credit and risk at Octane Capital, said: “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.”
Original article featured here…
This news comes after Octane Capital created a waiting list for their BTL offering following high demand.
source https://commercial-mortgages-broker.co.uk/bridging-finance-news/highest-number-of-completions-ever-for-octane-capital/
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