The borrowers were coming to term on their existing facilities and their intention was to both let and sell some of the remaining units.

Octane’s two 18-month facilities provided flexibility to allow both sales and lettings, as well as structuring one loan with serviced interest and the other with rolled interest.

The variable-rate interest was 0.36% per month over BBR.

While the deal involved some relative complexity in both the ownership structures and titles — consisting of two separate sites/transactions — the refinances were completed ahead of when the existing facilities expired.

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The complex set of transactions was brokered by Westley Richards, director at West Rock Capital, with Patrick Kearon, director at Colliers providing valuation advice on the transaction, and partner at Seddons, Rob Brooks working to ensure legal work was provided expediently.

Alex Tyrwhitt, director of structure finance at Octane (pictured above), commented: “[This] has been a very smoothly coordinated transaction involving multiple stakeholders and advisers.

“West Rock Capital’s attention to detail, diligence and speed of response [was] as impressive as ever.”

Westley Richards, director at West Rock Capital, added: “From the start, the team demonstrated a desire to understand the asset and structure a loan facility tailored to meet the client’s requirements.”

Jonathan Samuels, CEO of Octane Capital, said: “As the sales market slows down, we are increasingly seeing this dual letting and sales strategy from developers.

“The initial plan is usually to sell all units, but the market reality is that letting some makes sense.”