"property investors are proving more active than ever, especially landlords due to the current stamp duty holiday, so radically streamlining our application process couldn’t have been more timely."
The lender says that in some cases, the length of loan applications has halved.
It now takes borrowers just five minutes to apply for a loan through Octane’s new mobile app, which takes them through electronic ID verification, KYC submission and the provision of an electronic authority to complete the necessary credit checks.
Octane has also condensed the application process for its currently soft-launched buy-to-let loans to just two pages, which brokers can complete on their client’s behalf — again significantly reducing time to completion.
Jonathan Samuels, CEO of Octane Capital, commented: “The feedback we’ve received on our new application process has been phenomenal and on the back of that we’ve embedded it in every loan we write. In the current climate, property investors are proving more active than ever, especially landlords due to the current stamp duty holiday, so radically streamlining our application process couldn’t have been more timely.”
Mark Posniak, managing director of Octane Capital, added: “Our sector is evolving at a rate of knots and we are investing heavily in technology and automation to ensure our brokers and their clients are always on the front foot. Since the lockdown has been eased, we’ve seen unprecedented demand from brokers and our new application process, which collapses the time to completion, is what everyone wants to see.”
