Octopus Property’s loan book has exceeded the £1bn mark following a period of record-breaking growth for the lender.
Since the beginning of the year, Octopus Property, which is part of the Octopus Group, has completed more than £150m of lending.
A spokesperson said Octopus was “on track to lend a record £850 million in 2018-19”, as it continued to see opportunities in the residential, development and commercial loans sectors.
Diversified product offerings have been key to the lender’s growth, with Octopus Property’s book made up of residential (48 per cent), commercial (31 per cent) and development (21 per cent) finance.
It recently completed deals in Birmingham, Derby, Manchester and Edinburgh, to take its commercial loan book past £300m, and issued a £36m development loan to fund purpose-built student accommodation in Coventry.
The lender said it is targeting a £1bn development loan book.
Enabled by intermediaries
Mario Berti, ceo of Octopus Property, said: “We wouldn’t have got where we are without the ongoing support of our intermediaries, who have enabled us to serve an increasingly diverse range of borrowers in our core markets such as London, as well as new regions across the UK.
He said the success was in part due to “a combination of the inability and unwillingness of bank lenders to evolve and the favourable underlying drivers supporting UK real estate investment.”
Berti added: “With the backing of the Octopus Group, which has £8.5bn of assets under management, coupled with our growing and extremely experienced team, we are well placed to continue to increase our lending to borrowers throughout the UK.”