It will only take five minutes for borrowers applying through the new mobile app to navigate e-ID verification, KYC submission and e-authority provision to complete the necessary credit checks, the lender said.
Additionally, Octane, which describes itself as a “productless lender,” has also condensed the application process for its currently soft-launched buy-to-let loans to just two pages.
This meant, Octane said, that brokers could effortlessly do this on behalf of their client, significantly reducing time to completion.
Jonathan Samuels, CEO of Octane Capital, said: “The feedback we’ve received on our new application process has been phenomenal, and as a result of that, we’ve incorporated it into every loan we write.
“In the current climate, property investors are proving to be more active than ever, particularly landlords due to the current stamp duty holiday, so the radical streamlining of our application process could not have been more timely. “
Mark Posniak, Managing Director of Octane Capital, added: “Our industry is changing at a breakneck pace and we are investing heavily in technology and automation to ensure our brokers and their clients are always at the forefront.
“Since the lockdown was eased, we’ve seen unprecedented demand from brokers and our new application process, which reduces time to completion, is what everyone wants to see.”