The loan refinances an existing bridging loan Octopus had provided for the purchase of the property and to obtain planning.
It will be used to convert three two-bedroom live/work units and a one-bedroom live/work unit into four two-bedroom flats and three one-bedroom flats.
The property is located on the east side of Lawrence Road in Seven Sisters, Tottenham.
The borrower will use the funding for £205,000 of refurbishment costs, contingency and other expenditures, which will occur during the build.
Lawrence Road Developments’ directors and shareholders include a foreign national residing in the UK, South African nationals and a Jersey trust.
- DFT roundtable: Aggressive business plans, development delays and managing expectations
- Octopus Real Estate completes three development transactions for care homes
- Octopus Real Estate to provide record refinancing facility
D’mitri Zaprzala, head of sales at Octopus Real Estate (pictured above), said: “This loan demonstrates our ability to help borrowers throughout the property lifecycle, supporting different strategies, including acquisition, refurbishment and then sale or letting of a property.
“Foreign nationals and expats typically struggle to gain traditional forms of finance, but as a specialist lender, we’re keen to support these types of borrowers.”
Chris Price, director at Lawrence Road Developments Ltd, added: “From the initial call, the team at Octopus has been fast, commercial and just generally helpful.
“Most of the business I do is non-standard and Octopus has been great at catering for different circumstances to form a mutually beneficial relationship.”