Octane Capital has completed its first bridging loan since its launch less than two weeks ago.
The £500,000 bridge was introduced by Simon Ryder of First Financial and was for the purchase of a new build flat in South West London.
Mark Posniak, managing director at Octane Capital, said: "It’s fantastic to be out of the blocks with First Financial, who immediately understood the pricing model we’ve introduced.
“It’s also great to have formal proof of concept for what we believe is the future of specialist lending.
“Since launching, our ‘productless’ model has attracted more interest from brokers than we could ever have hoped for.”
Octane Capital says its focus will be on complex, non-standard and larger loans that brokers may struggle to place with other lenders.
Simon Ryder, director of First Financial, added: “For anything slightly non-standard or complex, I have no doubt Octane will become the go-to lender for brokers.
“Its team has a vast amount of experience and love the loans that other lenders shy away from.
“We are thrilled to have introduced the first loan for this revolutionary new lending model.”
