Octane Capital completes £1m bridging loan in eight days
Octane Capital has completed a £1m bridging loan introduced by the all-finance distributor, Black Book Finance, in eight days from initial enquiry to the borrower receiving the funds.
The loan was for the purchase of a block of four residential units in Chiswick, West London. Book Finance contacted Octane Capital after a private lender pulled out at the last minute.
The deal involved a sub-sale contract and was further complicated after planning consent for the redevelopment was initially declined.
Michael Clapper, executive chairman, Black Book Finance, said: “This was a complex deal with many moving parts and tight deadlines, and both the borrower and ourselves were hugely impressed by the speed and sophistication of the Octane team.
“Within days, they had arranged a new valuation and carried out full legal due diligence, structuring a loan that met everyone’s requirements. This was the first time Black Book has worked with Octane and it certainly won’t be the last.”
Mark Posniak, managing director, Octane Capital, added: “From the very first call, it was clear Black Book Finance were on top of their game and instinctively understood the way we needed to work.
“Their timely presentation of all the necessary information, coupled with our fantastic solicitors at Seddons, enabled us to complete on what was a highly complex loan in little over a week.”