The £28.4m facility refinances an existing development loan on the scheme in Ilford, East London. The project to refurbish a former office building is scheduled to complete in July and will provide one, two and three-bedroomed flats.
The loan is secured as first charge with loan-to-value of 68 per cent over 24 months.
The property is located in the London Borough of Redbridge in northeast London, within walking distance of two future Crossrail stations that are expected to connect direct to London Liverpool Street.
“This is an exciting private rental scheme that will deliver much-needed new-build residential stock in a sought-after location that is experiencing high demand for good quality rental properties,” said D’mitri Zaprzala, head of sales at Octopus Real Estate (pictured).
Paul Carmody of Outside the Box Capital Solutions was the borrower’s advisor.