Bridging lender Octane Capital has provided a £617,000 acquisition loan in seven days to support the purchase of a development site in Aylesham, Kent.
This is for a client of real estate advisory firm, Voltaire Financial. The site was being purchased from an administrator with a tight deadline and the borrower’s existing development finance partner was unable to deliver the funds in time for completion.
Mark Posniak (pictured), managing director, Octane Capital, said: “Even by our standards, this was a highly complex deal. Not only was the clock ticking but the client was offshore and the site in question required significant duedil as it was located close to a disused mine.
“Thankfully, Voltaire Financial were totally on top of things and got us everything we needed on time, working seamlessly with our own BDMs, Liam Lawlor and Adam Ware.
“The deal was underwritten by Rick Hollingsworth and was overseen by director of credit, Matt Smith, who pulled everything together in time to make this happen.”
Octane managed to complete on the loan in seven days, despite the borrower purchasing via an offshore entity and the site being situated close to land previously used for mining purposes.
The loan was provided over a six-month term and the exit will be a development facility arranged by Voltaire Financial.
Andrew Hosford, director and head of bridging, Voltaire Financial, added: “This was the first loan we’ve put through Octane and after this experience I’m confident it will be the first of many. Octane pulled out all the stops to meet the deadline and help our client acquire the site.
“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.”