A seasoned mortgage buying and leasing specialist finalized his largest and most complex loan to date – a five-year £ 17.35million buy-lease facility for PTL Estates .
The Octone Mortgages loan, made at 4.99% with a deferred interest of 1.0%, required a very complex underwriting as it involved the refinancing of no less than 40 properties in London, comprising more than 160 units. Some of them suffered from planning irregularities.
Octane says its legal due diligence process included using property guarantee insurance on part of the portfolio and not researching most other client-owned properties.
This allowed the transaction to be completed in less than six weeks from the time the lawyers were instructed.
Alex Tyrwhitt of Octane Capital says: “It is always a pleasure to complete a transaction of this complexity ahead of the client’s expectations.
“The broker worked tirelessly with the borrower from clearing to make sure we had all the information we needed to move forward quickly.
“PTL Estates is a professionally managed family business and it is a pleasure to work with them. The lawyers on both sides of the transaction were fantastic.