Octopus Property revamps product offering

Published on

Octopus Property has revised its bridge-to-let, development exit and refurbishment products.

The lender says the changes are in direct response to demand from its increasingly diverse range of property professional borrowers.

Octopus Property has reduced rates to 6.99% per annum for its established bridge-to-let product and development exit products. The products have a minimum loan size of £500,000 and loans over £10m will be considered.

The bridge-to-let product sits within Octopus Property’s lifecycle lending proposition, giving investors and developers the ability to refinance their completed schemes whilst giving them the option of either selling or retaining the properties. Both products also have the option for a 12-month ERC free period.

Its refurbishment product, covers most types of refurbishment, from light works through to full conversions. The product now offers a rate of 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.

D’mitri Zaprzala, 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 favourable 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.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

The Monmouthshire reports 61% rise in profits

Monmouthshire Building Society has reported a sharp rise in annual profits. The Newport-headquartered mutual saw...

Value of rental arrears falls for first time since 2021 amid easing rent growth

The average value of rent arrears has fallen year-on-year for the first time since...

Clydesdale Bank cuts residential and buy-to-let rates

Clydesdale Bank is making widespread reductions across its residential and buy-to-let mortgage ranges this...

Quantum Mortgages appoints new BDMs

Quantum Mortgages has strengthened its sales team with the appointment of two new business...

Next Intelligence adds National Friendly to refreshed protection panel

Next Intelligence has announced a refresh of its protection panel with the addition of...

Latest publication

Latest opinions

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

Tuning into later life lending conversations

There are certain conversations in our profession that can genuinely change the course of...

Right of Light risks: a looming shadow over construction projects

Gone are the days when a Right of Light infringement could be swiftly dealt...

Could a move to ‘enhanced advice’ also mean mandatory protection conversations?

The FCA’s recent Mortgage Market Discussion Paper (DP25/2) has got the industry talking about...

Other news

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

The Monmouthshire reports 61% rise in profits

Monmouthshire Building Society has reported a sharp rise in annual profits. The Newport-headquartered mutual saw...

Value of rental arrears falls for first time since 2021 amid easing rent growth

The average value of rent arrears has fallen year-on-year for the first time since...