Shrena Patel, senior BDM at Octane

Octane completes £5.29 million development exit in under three weeks

Octane Capital has completed a £5.29m development exit loan in less than three weeks on a mixed-use development in Bermondsey, London.

The facility was secured against the remaining 13 units in the development, which consisted of commercial, restaurant and retail units on the ground floor and 111 flats above.

The 65% LTV loan was to an experienced UK property developer, over a 15-month term and was priced at 0.41% per month plus BoE base rate.

More time was needed by the borrower to sell the remaining units, but their development lender and investors required repayment — the loan from Octane cleared the existing debt on the site and afforded the developer more time to market and sell them without pressure.

Octane were assisted by Robert Brooks, partner at Seddons, while the loan was introduced by Matthew Yassin, managing director at Aquilae Capital.

The Octane team included senior BDM, Shrena Patel (pictured above), senior credit manager, Nicky Pack and director of structured finance, Alex Tyrwhitt.

Commenting on the facility, Shrena said: “this was a fantastic team effort from all involved and a big thanks to Matthew Yassin who remained on point and extremely helpful throughout.

“We love a rapid turnaround here at Octane and take a huge amount of pleasure from delivering on time.”

 Matthew Yassin also commented: “well done for all the hard work and commitment to get this case over the line swiftly.

“Octane performed well above expectation and really delivered when it mattered the most.”

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