Gavin Eustace appointed as Head of Residential Development at Octopus Property
Specialist property lender Octopus Property, part of the Octopus Group, announces that Gavin Eustace has been promoted to the role of Head of Residential Development. Previously Head of Credit Residential Development, Gavin will oversee one of Octopus Property’s fastest growing business segments, as demand for swift and competitively priced development finance grows, underpinned by wider market trends.
Gavin has more than 14 years’ experience in the financial services sector, including four with Octopus Property and will lead the 11-strong team, offering bespoke loans for a range of residential development projects, including purpose-built student accommodation, build-to-rent and traditional develop-to-sell, across the UK.
Prior to joining Octopus Property in 2014, Gavin spent five years in the Corporate Real Estate Team at Lloyds Banking Group. He was a key member of the Housebuilders team, managing a £3.5bn debt portfolio, before returning to the Corporate Real Estate origination team. He started his career as a Senior Analyst at the Bank of Scotland.
The past 12 months has seen Octopus Property transact record volumes, having lent c. £230mn of committed debt, across 40 development schemes since May 2017. In April, it launched a unique residential development-light product, to meet the increasing demand from SMEs and smaller developers requiring finance for residential schemes that sit outside of the traditional refurbishment or development lending parameters.
Mario Berti, CEO of Octopus Property, commented:
“Gavin is an experienced real estate lender, with an impressive track record in residential development lending. Our development offering goes from strength to strength, as we leverage our established relationships to launch new products, expand our geographical footprint and grow our direct lending channel. Gavin’s broader sector experience, coupled with his intimate understanding of the market-leading capabilities that Octopus Property offers both new and existing customers, will be invaluable, as we target a £1bn loan book and aim to become the UK’s leading specialist property lender.”
Gavin Eustace, pictured, added:
“This is an exciting time to be involved in the residential development space as it continues to benefit from the favourable macro-economic backdrop, underpinned by low interest rates and a chronic shortage of housing. The current market conditions have resulted in us transacting record volumes by partnering with less mainstream but still high-quality developers, to deliver sought after schemes across the UK.”