Ludo Mackenzie

Octopus provides commercial bridge for £24m acquisition

Octopus Property has helped finance a £24m office acquisition in Fitzrovia, central London, in just four working days.

Justin Cooper, senior business development manager at Octopus Property, received the enquiry from Westley Richards of Buchler Barnett Spencer late on 22nd February.

A commercial bridge was instructed the following morning and completed four working days after the application form and 'know your customer' documents arrived.

Ludo Mackenzie, head of commercial property at Octopus (pictured), said: "This was a classic Octopus Property deal – tight timeframe, complex structure and large lot size.

“Buchler Barnett Spencer is an established introducer of high-quality loan requirements to Octopus, so it was extremely satisfying to complete this deal with them.”

Octopus was advised by a team from Howard Kennedy led by Steve Clinning, partner and head of banking and asset finance at the law firm.

"The longstanding relationship between the teams at Octopus and Howard Kennedy meant that all potential issues were identified and resolved early, making the process seamless with the deadline for completion being met with relative comfort,” commented Steve.

Westley Richards of Buchler Barnett Spencer added: “There really aren’t many lenders who can turn around deals like this.

“We’ve worked with both Octopus Property and Howard Kennedy for many years and knew that when they gave their commitment, they would work together to ensure the loan was delivered.”

The news comes a month after Octopus revealed plans to refresh rates across its commercial product range.

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