It was secured against a completed 15-unit block of flats in South West London.
The developer funder needed to be repaid, as the developer had been delayed in starting the works by over a year.
The Octane facility will give the borrower an 18-month period to sell the units.
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Alex Tyrwhitt, head of structured finance at Octane Capital, commented: “To get a loan of this size this over the line during lockdown really does drive home the adaptability and resilience of the specialist lending sector.
Peter Blagden, director at Alpe Capital, added: “These are challenging times for clients looking to refinance residential and commercial loans, and with many financial institutions looking to only cater to existing clients it’s refreshing to see that Octane were one of very few lenders still able to commit capital to new loans.