Specialist property lender Octopus Property has promoted Gavin Eustace to head of residential development.
Previously head of credit residential development, he will oversee one of Octopus Property’s fastest growing business segments.
Eustace has more than 14 years’ experience in the financial services sector, including four with Octopus Property and will lead the 11-strong team.
Mario Berti, chief executive of Octopus Property, said: “Gavin is an experienced real estate lender, with an impressive track record in residential development lending.
“Our development offering goes from strength to strength, as we leverage our established relationships to launch new products, expand our geographical footprint and grow our direct lending channel.
“Gavin’s broader sector experience, coupled with his intimate understanding of the market-leading capabilities that Octopus Property offers both new and existing customers, will be invaluable, as we target a £1bn loan book and aim to become the UK’s leading specialist property lender.”
Prior to joining Octopus Property in 2014, Eustace spent five years in the corporate real estate team at Lloyds Banking Group.
He was a key member of the housebuilders team, managing a £3.5bn debt portfolio, before returning to the corporate real estate origination team. He started his career as a senior analyst at the Bank of Scotland.
Eustace added: “This is an exciting time to be involved in the residential development space as it continues to benefit from the favourable macro-economic backdrop, underpinned by low interest rates and a chronic shortage of housing.
“The current market conditions have resulted in us transacting record volumes by partnering with less mainstream but still high-quality developers, to deliver sought after schemes across the UK.”