The 40% LTV one-year term facility — priced at 0.42% per month plus BBR — is for a highly experienced Midlands-based developer/contractor and is secured on a part-complete property in Peterborough, which is currently mid-conversion from offices into 96 flats.

The project had approximately £1m of build costs outstanding at the time of lending.

Octane’s loan is releasing £2m of day one cash to assist with the completion of the development, and to enable future acquisitions for the client.

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Having had the loan turned down by another lender the developer needed to complete quickly, and Octane was able to step in and complete thanks in part to assistance from Seray Kitchingman and Daniel Baker of Weightmans LLP.

Josh Knight, sales and marketing director at Octane (pictured above), commented: “In a lending market characterised by nervousness and delayed decision-making, we continue to deliver on time and exactly when we said we would. 
“Completing a loan of this complexity within such a short space of time underlines our hunger to lend.

“Special thanks must go to our broker, Laurie Baugh of Approved Property Finance, who was extremely responsive throughout.”

Laurie added: “I have worked with Octane for many years now and when presented with a difficult bridging case in an uncertain marketplace, I had the confidence it would deliver the funding on time.”