The property was part of a wider new-build development site, on which three units had already sold.

Octane’s borrower urgently needed to borrow against the remaining unit to refinance their mezzanine lender and, according to the lender, was under intense pressure to do so.

Octane completed the loan with no valuation, given it was at a low LTV and the demonstrable sales traction, and instructed their solicitors immediately.

Jamie Oxley (pictured above), senior structured finance manager at Octane, underwrote the deal from start to finish.

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Jamie worked with Octane’s solicitors, Tara Wallis and Paul Cain at Ronald Fletcher Baker, and its introducing broker, John Waddicker at Positive Commercial Finance, to complete the deal in a week.

The deal followed a streamlining project, led by Rick Hollingsworth, head of short-term lending which according to the Octane is already having a positive impact on completion timescales.

Commenting on the completion of the facility, Jamie said: “The motivation and co-operation from all parties is key when working to such a tight timescale.

“And, it’s always satisfying to deliver ahead of borrower expectations”.

John Waddicker commented: “My client was very keen to redeem the existing residual mezzanine debt as quickly as possible, and Josh Knight (sales and marketing director at Octane), and Jamie Oxley were extremely pro-active and hands-on in getting this deal over the line.”