Mario Berti

Octopus Property cuts refurbishment rates



Octopus Property has slashed rates on its refurbishment loan product as part of a comprehensive product update being rolled out in 2017.

The revised product now offers clients rates starting at 0.8% per month with no exit fee for option one or 7% per annum with a 2% exit fee for option two.

The move follows news that Octopus had cut rates on its residential bridging range in February.

 

Option 1

Option 2

Arrangement fee

2.00%

2.00%

Interest rate

0.8% pm

7.00% pa

Exit fee

0.00%

2.00%


Mario Berti, CEO of Octopus Property (pictured), said: “In reducing our rates for refurbishment loans, we will provide developers and property professionals with a competitive product which meets their need for a fast and flexible lending solution.”

The refurbishment loan product can be used for all types of refurbishment requirements, including house conversion into flats, conversion of a commercial asset into residential or a full internal rework of a property.

Octopus funds up to 70% of the final GDV of a scheme and will lend 100% of the cost of works.

“This is the second major change we’ve made this year as part of our product overhaul.

“Throughout 2017 we will be making changes to our loan range, including buy-to-let and commercial, in order to deliver an even more compelling proposition for our clients.”

Earlier this month, Octopus revealed it had provided a commercial bridge to fund a £24m office acquisition in just four days.


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