Introduced by Matthew Yassin, director at Arc & Co (pictured above), the 24-month facility was agreed at 65% LTGDV with a fixed rate of 7.75%.
The loan will support enhancements to project’s energy efficiency through the installation of air source heat pumps, enhanced window insulation, and a new form of cladding.
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If the development achieves an EPC rating of A upon completion, the developer will receive a 2% discount on the finance thanks to Octopus’ Greener Homes Alliance Initiative.
On the transaction, Matthew said: “To complete this deal in the current economic environment is complementary to both the client and the lender and demonstrates the strength of the client's team and the quality of the underwriting by Octopus.
“To be able to potentially achieve a fixed rate of 5.75% where 2-year SWAP rates are currently 4.25% is an excellent deal for the client."
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