Octopus Property provides £5m bridge-to-let facility after completion of Harrow development

Michael Lloyd

April 24, 2018

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.”

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