Octopus cuts bridging rates
Octopus Property has reduced its bridging rates – which now start from 0.60% per month to 50% loan-to-value.
The specialist lender pledged to make improvements across its entire suite this year to buy-to-let, commercial, refurb and development.
Mario Berti, chief executive of Octopus Property, said: “The overhaul of our product range that we will be announcing in 2017, starting today with our bridging loans, is the most significant since we started trading back in 2009.
“The sector has evolved considerably over the past eight years and we felt it was time to evolve our own proposition fundamentally in order to continue to provide a best-in-class offering.
“With these market-leading bridging rates, we want to send a clear message to the broker community that we are very much open for business.
“It goes without saying that, as well as some of the best rates available, brokers will also enjoy the service levels and flexibility that Octopus Property has always been renowned for.”
From 50.1% to 55% LTV Octopus charges 0.65%, from 55.1% to 60% 0.70%, from 60.1% to 65% 0.75% and 65.1% to 70% 0.80%.
Octopus Property has completed over £2.3bn of loans to date.