Each unit is valued at £1m and so far one has been sold with two exchanged.
The lender said the one-year exit facility, at a net 70% loan-to-value, has also boosted working capital and cash flow.
Octane Capital head of structured finance Alex Tyrwhitt said it was a complex loan involving multiple moving parts but with support from the broker Arc & co was completed ahead of schedule.
Arc & Co structured finance director John Kerrigan added that the developer was a key client.
“This particular scheme, despite strong fundamentals, had a number of complex issues to address that we knew would be beyond the comfort zone and skillset of many lenders,” he said.