Octane Capital has completed a £4.9m two-year developer exit to a client of RHL.
The facility, secured against a five-storey block of 51 apartments in the South East, will be used to clear a development loan.
London-based lawyers, Howard Kennedy, Tony Hughes of RHL and, representing Octane Capital, Gemma Salousti, Alex Tyrwhitt and Justin Cooper, all worked to get the deal over the line.
Tony Hughes, director of RHL, said: “This was an unusual security requiring bespoke finance, so Octane were a good fit. I’ve known the Octane senior team for many years now and this type of large and complex loan is very much their bread and butter.
“They were able to keep the loan structure simple but flexible enough to accommodate any future sale of the asset, which provided the peace of mind my client required.”
Mark Posniak (pictured), Octane Capital’s managing director, added: “Tony understands this sector through and through and is one of our most valued introducers. He worked seamlessly alongside us to get this loan over the line ahead of time, which was no small feat given its complexity. We look forward to working with him on many more third generation loans in 2018.”
