The site was purchased by the client of Voltaire Financial from an administrator, with the borrower’s existing development finance lender unable to deliver the funds in time for completion.
As a result Voltaire turned to Octane, which provided the £617,000 loan over a six-year term with a development facility lined up for the exit of the loan.
The loan was completed within seven days.
Mark Posniak (pictured), managing director of Octane Capital said the case was “highly complex”, with the borrower purchasing through an offshore entity and the site situated close to land previously used for mining.
Andrew Hosford, director and head of bridging at Voltaire, noted it was the first case the firm had placed with Octane but “after this experience I’m confident it will be the first of many”.
He continued: “This was an example of bridging in the traditional sense and shows what can be done when the execution strength of all parties is at the highest level.”