Octopus Real Estate, has announced that it will commence commercial lending in the Republic of Ireland, as it looks to expand beyond mainland UK.
A tailored solution for the Irish market, the product will offer support to brokers and borrowers, lending across the commercial real estate spectrum. With an established and straightforward approval process in place, clients will have access to short-term bridging finance upwards from €500,000, available for all types of commercial property transactions, including acquisitions, refinances, and equity release. The product is available across all asset classes, including land with planning for residential.
As a non-bank lender with discretionary capital, Octopus Real Estate can execute swiftly, upon approval, with an average four-week turnaround to the release of funds. The commercial lending product ensures a smooth and efficient process, enabling borrowers to move quickly and decisively in the real estate market.
With a competitive arrangement fee of 0.5%, Octopus Real Estate offers value and more choice to the Irish market. Maximum loan to value is set at 70.0% and rates begin at 0.75% per month. The product offers ultimate flexibility with no exit penalties. As a short-term financing solution, the term length is between 1 and 24 months.
The launch of Octopus Real Estate’s commercial lending product demonstrates the first step in its ambition to grow its presence across Europe.
James Nunn at Octopus Real Estate, who is leading the launch into Ireland commented: “Octopus Real Estate is a leading short-term lender in the UK market, having completed c. £2.0 billion of commercial loans over the last ten years. We are known for our speed of execution, transparency and flexibility, and we want to introduce our service to a vibrant and growing new marketplace.”.
Benjamin Davis, CEO of Octopus Real Estate, added: “Ireland is an important market for us, and our product launch offers Irish clients a trusted finance solution, backed by over 15 years’ experience in non-bank lending. The Irish commercial property market is thriving, and the launch of our commercial lending product will enable the funding of developments of scale across the commercial spectrum. We have a reputation of providing best in class service and attractive lending rates. We believe this product, coupled with our experience in commercial lending, will be a positive addition to the Irish market”.