Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Octane expands BTL product distribution

landlords

The lender is targeting first-time landlords, HMOs, and limited companies

During the 2021 FIBA Annual Conference this week, Octane Capital announced that it had widened the distribution of its BTL product range.

The specialist lender revealed that all brokers can now access the full range of its Wave 3 to Wave 5 products and larger loans of £500,000 or more within its premium Wave 1 and Wave 2 offering.

The lender is targeting borrowers that others actively avoid, specifically first-time landlords, foreign nationals, MUFBs, HMOs, limited companies and other non-standard structures.

The product offers a pay rate from 3.99% and no ERCs payable in the final two years of the term.

At Octane’s ‘stand’ in FIBA’s virtual exhibition hall on Wednesday, the lender’s managing director, Mark Posniak, said that it was also looking to open up its semi-exclusive offering — loans starting from £150,000 within Waves 1 and 2 — to approximately 30 more brokers, which is in addition to L&G Mortgage Club members.

Our BTL proposition is really taking off, said Mark. When we initially launched our BTL product during the first national lockdown, we deliberately restricted it to a select group of partners to get some really granular feedback.

From September onwards, we widened the distribution further to fine tune it and were blown away by how popular it was. We now feel we are in a position to take on even more business and have opened up our bigger BTL product to the entire market, he said.

We are targeting a demographic that the vast majority of lenders will actively avoid, with many of our borrowers to date having multiple non-standard circumstances, but this is where we feel we are strongest as a lender and look forward to helping as many brokers as possible during 2021, said Mark.

At the FIBA conference, Mark also said that Octane would be focusing on growing its BTL book this year, as well as continuing to do more development exits, refurbishments and residential bridging.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.