Refurbishment costs can go up to £1m, subject to them not exceeding 50% of the property’s current value and Octane will fund 100% of refurbishment costs in drawdowns.
As with the lender’s existing refurbishment product, no interest will be deducted from the day-one loans, to maximise the release towards the purchase/refinance.
The refurbishment programme can include some structural works — but this is limited to small extensions and internal reconfigurations.
Instead of QS involvement, there will be light-touch monitoring from an asset manager — in-line with Octane’s existing approach to all refurbishment loans.
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Rates are offered from 0.75% per month (BBR linked).
Jonathan Samuels, CEO at Octane (pictured above), commented: “Octane will lend it’s 1,000th refurbishment loan later this year.
“In anticipation of this huge milestone, we are enabling brokers and borrowers to get funding on high-end refurbishments with up to £1m of works.
“It has been a highly successful product area due to the specialism within the team and smooth process.
“Meanwhile, our extensive broker community has been telling us about the gap in the funding market on more expensive works projects.
“Octane is well placed to fulfil that funding need which the launch of the Prime Refurb product will deliver on.”
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