Octopus Property provides £5m bridge-to-let facility after completion of Harrow development
Specialist property lender Octopus Property has provided a £5m bridge-to-let loan, allowing a client to restructure the ownership of a development asset in Harrow following its completion.
The 12-month loan, secured at 64% LTV, has allowed the two developers, who wanted to split the 73-apartment scheme equally, to exit their development finance facility and tidy up the title, before their high street lender could provide them with a term loan.
Brightstar Mortgages acted as broker.
D’mitri Zaprzala, head of sales at Octopus Property, said: “This is a great example of an Octopus Property product providing a client with a competitive and much-needed facility that a traditional bank would be unlikely to provide.
“Our experienced team was able to unlock a seemingly complex structure and allow both developers to move on to a term facility and start realising value from the development.”