The specialist lender originated 49 new loans last month across its full suite of products, including commercial bridging, BTL, development exit and refurbishment.
Two highlights from October included:
- £12.6m commercial bridge with permitted development rights for an office block in Canary Wharf, London
- £14.6m development exit bridge on a new-build development of 16 premium apartments and two commercial units, with river views in south-west London
The record month comes after Octopus revamped its commercial term product, which now has a reduced minimum loan size of £350,000.
- Octopus Property makes changes to residential products
- Octopus Property appoints three regional BDMs
- Adapt Finance exceeds £400m of completions
The lender also reported increased demand from outside London and the South East.
In the last quarter, Octopus made 15 new hires as it looks to strengthen its regional footprint and boost its credit and case management teams.
Mario Berti, CEO at Octopus Property (pictured above), said it was very encouraged to hit the milestone, adding that it reinforced its strategy.
“This record month is further proof that the market for alternative lenders continues to go from strength to strength, a trend which was clearly highlighted by the recently announced Cass mid-year lending survey results, chiefly driven by the increasing retrenchment by traditional lenders and the supportive macro conditions.
“Thank you to all our brokers and borrowers for your continued support.”