Aquilae Capital and Octane complete £5.29 million developer exit loan in under three weeks
By Bridging Loan Directory
Aquilae Capital have announced the completion of a developer exit loan secured against the remaining 13 units in a mixed-use development in Bermondsey, London.
The site consists of commercial, restaurant and retail units on the ground floor and 111 flats above.
The 65% LTV loan is to an experienced UK property developer, over a 15-month term and was priced at 0.41% per month + Bank of England Base Rate.
The borrower needed more time to sell the remaining units, but their development lender and investors required repayment.
Octane Capital’s loan cleared the existing debt on the site and afforded the developer more time to market and sell them without pressure.
Octane were able to step in when a challenger bank let the borrower down on the day of completion, as they could not get comfortable with the complexities of the titles.
The team was ably assisted by Robert Brooks, Partner at Seddons, and were able to complete the loan within less than 3 weeks.
The loan was introduced by Matthew Yassin, Managing Director at Aquilae Capital.
Working closely with the Senior Business Development Manager, Shrena Patel, and Senior Credit Manger, Nicky Pack, they were able to structure a deal to redeem the current lender and at speed.
Alex Tyrwhitt, Director of Structured Finance, commented:
“A fantastic team effort from all involved and a big thanks to Matthew Yassin who remained on point and extremely helpful throughout.
We love a rapid turnaround here at Octane and take a huge amount of pleasure from delivering on time.”
Matthew Yassin, managing director, Aquilae Capital, commented:
“Well done for all the hard work and commitment to get this case over the line swiftly.
Octane performed well above expectation and really delivered when it mattered the most.
A proper team effort which solely focused on the clients best interests ”
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