Octopus Property completes £11 million of loans with RHL in one month
Octopus Property, the specialist finance provider, is pleased to announce that it has completed a £5.76 million bridging loan on a converted Church and nine self-contained residential units.
It represents the second loan completed with RHL in a month, with whom Octopus Property has built a strong working relationship to provide a range of financing products across both the residential and commercial sectors.
The freehold property comprises a Grade II Listed Victorian church, converted to include 14,000 sq ft of high quality, mixed use commercial space and converted church hall providing nine self-contained one, two, three and four bed apartments.
Many lenders would have found it difficult to lend against a converted church and residential apartments, however Octopus recognised the exceptionally high quality of the conversion and the obvious ability of the developer.
Octopus Property continues to enhance its commercial lending offering available to both new and existing customers. Through its unique Lifecycle Lending proposition, Octopus now provides borrowers with a comprehensive range of financing products.
Ludo Mackenzie, pictured, Head of Commercial at Octopus Property, commented:
“We are pleased to have completed two large deals with RHL during August, further strengthening our relationship with a leading distributor. As with many of the facilities that we provide, the asset represented a complex loan, which needed to be structured and delivered in a short space of time.
“As we continue to undertake our most significant product revamp focusing on our Lifecycle Lending proposition, this deal represents a prime example of our ability to deliver bespoke yet attractively priced financing to both new and established borrowers.”
Tony Hughes, Director at RHL, added:
“We have a long and successful working history with Octopus Property and both the recent deals were fresh examples of their innovative, customer-focused approach. The team at Octopus has grown significantly over the last year to meet the growing market demand for its attractive range of products, but we continue to find that their standards remain of extremely high quality.”