The lender revealed yesterday that it was pausing new applications on these after it was inundated with deal flow to the point that it had filled its allocated budget for term funding well ahead of schedule.
- Octopus pauses BTL following surge in demand
- Octopus originates £100m of new lending in record month
- Octopus Property makes changes to residential products
Bridging & Commercial contacted Octopus to see how it was helping customers who had been impacted by the announcement and Octopus said that it is contacting those affected.
“It is business as usual for all our products other than the residential BTL and commercial term loans, where, as previously confirmed we have been inundated with demand and deal flow so have taken a pause,” said Mario Berti, CEO at Octopus Property.
“With regard to these products, we are working closely with our brokers and clients individually to do everything we can to arrange a replacement loan for them with minimal disruption.”