The loan – which was secured against a 46-unit, office-to-resi PDR scheme in Essex worth £12.3m – also includes £1m of equity release for the borrower to provide cash flow for future projects.
The scheme has already seen 80% of the units reserved or exchanged, but the exit loan will allow additional time for the remaining units to be sold.
Tony Hughes, managing director at RHL, said that Octane was once again the perfect fit for this particular client.
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“The finance provided has allowed them to move off their existing development loan, given them a longer marketing period to sell the remaining units and, crucially, releases a significant amount of equity to invest into future projects.
“We’ve secured finance for this client multiple times through Octane and it has helped us achieve a record month of our own, arranging in excess of £20m of bridging and commercial finance.”
Mark Posniak, managing director at Octane Capital (pictured above), added: “RHL [is] a first-class introducer whose clients generally have larger and more complex financing needs, which suits us down to the ground.
“Once again, Tony and the rest of the RHL team were professional, diligent and responsive throughout the whole process and there’s no doubt we’ll be completing more loans with them in the months and years ahead.”