The development funder needed to be urgently repaid as the developer had been delayed in starting the works by over a year.
Octane Capital has completed on a £7.5m developer exit loan to a client of Alpe Capital secured against a completed 15-unit block of flats in South West London.
The development funder needed to be urgently repaid as the developer had been delayed in starting the works by over a year. The Octane facility will give the borrower, an ultra-high net worth (UHNW), an 18-month period to sell the units.
Alex Tyrwhitt, head of structured finance, Octane Capital, said: “To get a loan of this size this over the line during lockdown really does drive home the adaptability and resilience of the specialist lending sector.
"The legal team at Weightmans rose to the challenge as they always do, the valuation was completed by Samantha McDermott at Savills with her usual efficiency and diligence, while Peter Blagden at Alpe Capital was helpful throughout and ensured we had all the information we needed before we even asked for it. We look forward to doing plenty more deals with Peter in the future.”
Peter Blagden, director, Alpe Capital, added: “These are challenging times for clients looking to refinance residential and commercial loans, and with many financial institutions looking to only cater to existing clients it’s refreshing to see that Octane were one of very few lenders still able to commit capital to new loans.
"We worked tirelessly with Octane and the client’s team to manage this process quickly and effectively and appreciate all the hard work that has gone into this refinancing from both sides.”
