Octopus Property completes £6.4m of lending within one week for new distributor
Specialist finance provider Octopus Property (“OP”) today announced that it has completed £6.4m of loans for new distributor Black Book Finance within a single working week.
Off the back of its record-breaking performance in March, Octopus Property has kept up the momentum in April, helping Michael Clapper’s new distributor, Black Book Finance, hit the ground running by completing the deals in quick succession.
The range of loans are secured against four assets and included an acquisition bridge loan to support the purchase of a former public house in Woolwich and the refinancing of a near-completed residential development in Wimbledon. The loans were all time-sensitive and required complex individual loan structures to be put in place, allowing for value growth and phased drawdowns against each asset.
The completions have helped cement an important new relationship between Octopus Property and Black Book Finance which only began in February when Dan Murray, one of OP’s leading Business Development Managers, met with the Black Book team to discuss the recently launched range of new lending products.
D’mitri Zaprzala, Head of Sales, Octopus Property, commented:
“Having written over £80m of loans in March, it’s been crucial to keep things going at full speed. I’m delighted to see our experienced sales team generating such fruitful new relationships and am confident that our speed, certainty and flexibility of lending will ensure that we remain aligned with Black Book Finance and this relationship will go from strength to strength. Black Book’s growth since launching last November has been incredibly impressive and our shared commitment to award-winning products and service has made for a natural fit.”
Michael Clapper, Executive Chairman, Black Book Finance, commented:
“These completions are great examples of why I chose to return to the industry after an eight year absence. Octopus Property are forward-thinking, keen to lend, and take a sensible approach to their underwriting decisions. The market has once again become an exciting place to operate, and there are now huge opportunities for all introducers, provided they partner up with a distributor who knows how to get the job done, whatever their client’s finance requirements.”
For journalists in their professional capacity only. Personal opinions may change and should not be seen as advice or a recommendation. We do not offer investment or tax advice. Issued by Octopus Property. Octopus Property is the trading name of Bridgeco Ltd (Reg No 6629989), Fern Trading Ltd (Reg No 6447318), Nino Ltd (Reg No 9015082), Octopus Property Lending Ltd (Reg No 7531926) and Octopus Co-Lend Ltd (Reg No 8913299), Registered Office: 33 Holborn, London EC1N 2HT, registered in England and Wales and Dragonfly Finance S.ar.l. (Reg No B189290) Registered Office: Parc d’Activité Syrdall, 6 Rue Gabriel Lippmann, L-5365, Munsbach, Luxembourg registered in Luxembourg. Octopus Property Lending Ltd and Octopus Co-Lend Ltd are authorised and regulated by the Financial Conduct Authority. Issued April 2017.