Octane Capital has provided a developer exit facility of £3.6m to a client of London- and Bournemouth-based development finance broker, Discover Development Finance.
The 12-month bridging loan will give the developer ample time to sell the remaining 15 flats in a 24-flat high end luxury scheme in Felixstowe.
Alex Tyrwhitt, head of structured finance, Octane Capital, commented:
“There were multiple stakeholders in this development, which subsequently required a significant amount of communication and perseverance to get the deal across the line in time. Fortunately, Chris and the Discover team were on top of their game and ensured we had all the information we needed to hand. As ever, the clock was ticking but we managed to complete on a complex loan well ahead of schedule."
Chris Davidson, managing director, Discover Development Finance, added:
“After my client was let down by another lender, Octane stepped in and immediately showed why they are so highly regarded in the market. The depth of experience they have meant they were able to take a sensible commercial view on a number of areas where other lenders would have simply walked away. During every stage of the application process, communication was strong and everything was dealt with in a timely fashion. My client couldn't be happier and I'm looking forward to sending more deals Octane's way in the future."