Octopus Property revamps product ranges
Specialist lender Octopus Property has revamped its bridge-to-let, development exit and refurbishment products.
Octopus has reduced rates to 6.99% per annum for bridge-to-let and development exit products, while a minimum loan size of £500,000 and loans over £10m will be considered.
The bridge-to-let product gives investors and developers the ability to refinance their completed schemes as well as the option of either selling or retaining the properties.
D’mitri Zaprzala (pictured), head of sales at Octopus Property, said: “We are committed to providing a range of products that reflect changing market demand and offer both existing and new borrowers even cleaner products, at increased levels of gearing and on more favorable rates.
“The real estate market continues to evolve, driven by both fiscal and regulatory changes as well as broader market uncertainty and we will continue to leverage the expertise and track record of the team here at Octopus to improve and innovate our offering.”
The lender’s refurbishment product now offers rates at 0.8% per month, as well as a maximum loan-to-value of 75% net on day one, 90% loan-to-cost and 70 loan-to-gross development value.