New specialist lender Octane Capital has launched to market today with a product-less proposition.
The brainchild of Dragonfly founder Jonathan Samuels, who has launched the business with former colleagues Mark Posniak and Matt Smith, is coming to market with a blank product sheet and plans to offer bespoke loans.
In an interview with Mortgage Strategy in this week’s print issue, Samuels says: “We are calling this the third generation of bridging lending. We’re not going to have an LTV band at this or that rate. It’s totally bespoke. It could be 70 per cent LTV but we’ll price it lower than 60 per cent. We’ll structure the deal in the best way for the client, the broker and ourselves.”
Octane will focus on bridging and specialist BTL lending primarily at first, primarily through brokers and master brokers, with the firm’s unique selling point being that it is a lender without products.
In March, Mortgage Strategy revealed that Samuels would be returning to market this month with a new proposition. He founded Dragonfly – since rebranded as Octopus Property – in 2009 and left in late 2015.
Samuels has taken on the role of chief executive at Octane and has reunited with former Dragonfly colleagues Mark Posniak and Matt Smith, who will assume the positions of managing director and director of risk respectively.
For more, read the profile interview with Octane in this week’s Mortgage Strategy.