Following a deal earlier in the month with the distributor, the specialist lender completed a £5.76m bridging loan at 65% LTV with RHL on a converted church and nine self-contained residential units.
The freehold property was a Grade II-listed Victorian church, which had been converted into 14,000 sq ft of mixed-use commercial space with the converted church hall providing nine self-contained one-, two- three- and four-bed apartments.
Despite the complications of lending against a converted church and residential apartments, Octopus believed the conversion was of high quality and trusted in the ability of the developer.
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“We are pleased to have completed two large deals with RHL during August, further strengthening our relationship with a leading distributor,” said Ludo Mackenzie, head of commercial at Octopus Property (pictured above).
“As with many of the facilities that we provide, the asset represented a complex loan, which needed to be structured and delivered in a short space of time.”
Tony Hughes, director at RHL, added: “We have a long and successful working history with Octopus Property and both the recent deals were fresh examples of their innovative, customer-focused approach.”
The lender revealed that it was continuing to enhance its commercial lending offering and recently announced the appointment of two new fund managers.
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