Mark Pozniak

Octane and Black Book complete £1m bridge

Octane Capital has completed a £1m bridging loan which was introduced by Black Book Finance.

The loan – which will be used to purchase a block of four residential units in Chiswick, west London – was completed in just eight days, from initial enquiry to the borrower receiving the funds.

Black Book Finance got in touch with Octane after a private lender pulled out at the last minute.

The case involved a sub-sale contract and was further complicated after initial planning consent for the redevelopment was declined.

“This was a complex deal with many moving parts and tight deadlines, and both the borrower and ourselves were hugely impressed by the speed and sophistication of the Octane team,” said Michael Clapper, executive chairman at Black Book Finance.

“Within days, they had arranged a new valuation and carried out full legal due diligence, structuring a loan that met everyone’s requirements.

“This was the first time Black Book has worked with Octane and it certainly won’t be the last.”

Mark Posniak, managing director at Octane Capital (pictured above), added: “From the very first call it was clear Black Book Finance [was] on top of [its] game and instinctively understood the way we needed to work.

“Their timely presentation of all the necessary information – coupled with our fantastic solicitors at Seddons – enabled us to complete on what was a highly complex loan in little over a week.

“It’s this type of loan where Octane’s third-generation approach comes into its own.”

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