Norton Broker Services and Octane complete complex £330,000 purchase and refurbishment bridging loan

By Bridging Loan Directory 15th May 2024

Norton Broker Services, the specialist finance packager and master broker, has recently secured a purchase and refurbishment loan valued at £210,000 and £120,000 respectively, for a newly formed special purpose vehicle (SPV).

The client, made up of four directors, two of whom had limited experience of property development, first approached Norton Broker Services in search of financing to fund the refurbishment work on a property with a purchase price of £300,000.

Using its market expertise and extensive lender relationships, Norton approached Octane Capital to secure the financing, which was not the easiest to collate given information was required from four separate parties.

This was also Norton’s first application with Octane Capital.

Octane were extremely patient during the information gathering process and eventually provided two solutions, one with planning in place and one solely for the purchase.

The clients were also reluctant to apply for planning permission without owning the property but also didn’t want to lose terms, so Octane agreed to hold the terms while the applicants applied and waited for planning permission.

Once approved, the clients were granted this an initial loan of £210,000 and a further £120,000 for the refurbishment at 72% LTV.

Sonny Gosai, Senior Sales & Development Manager at Norton Group, says:

“This was our first experience using Octane.

From initial enquiry to assisting with structuring the deal to completion it was what we expect from a bridging lender.

The service provided was excellent and I highly recommend using Octane for future cases.”

Josh Knight, Sales and Marketing Director, at Octane, commented:

“Refurbishment cases like this are our sweet spot, even for developers with limited experience, we’re so pleased that Sonny brought it to us.

The case was brilliantly packaged and Sonny and his team provided great help in driving it to completion.”