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Octane Capital completes £11m development exit

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  • 18/10/2018
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Octane Capital completes £11m development exit
Octane Capital has completed an £11m development exit loan on an 11-unit project to allow time to complete the scheme and sell the units.

 

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.

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