Octopus Property

Octopus names new head of residential development

Octopus Property has announced that it has promoted Gavin Eustace (pictured above) to the role of head of residential development.

Gavin has more than 14 years of experience in the financial services sector, including four with Octopus having previously served as its head of credit residential development.

In his new role, he will lead an 11-strong team offering bespoke loans for a range of residential development projects, including purpose-built student accommodation, build-to-rent and traditional develop to sell.

The past 12 months has seen Octopus Property lend around £230m of committed debt across 40 development schemes.

“This is an exciting time to be involved in the residential development space as it continues to benefit from the favourable macroeconomic backdrop, underpinned by low interest rates and a chronic shortage of housing,” said Gavin.

“The current market conditions have resulted in us transacting record volumes by partnering with less mainstream but still high-quality developers to deliver sought after schemes across the UK.”

Gavin’s appointment comes after Octopus launched its residential development-light product to meet the demand from SMEs and smaller developers who require finance for residential schemes which sit outside traditional refurbishment or development lending parameters.

“Our development offering goes from strength to strength as we leverage our established relationships to launch new products, expand our geographical footprint and grow our direct lending channel,” added Mario Berti, CEO at Octopus Property.

“Gavin’s broader sector experience – coupled with his intimate understanding of the market-leading capabilities that Octopus Property offers both new and existing customers – will be invaluable as we target a £1bn loan book and aim to become the UK’s leading specialist property lender.”

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