Octopus Property has completed an urgent commercial bridging loan to fund the acquisition of a £24m office building within four working days.
The enquiry was received by Justin Cooper from Westley Richards of Buchler Barnett Spencer late last Wednesday, at which point the team began underwriting the deal before instructing Steve Clinning of Howard Kennedy Solicitors early on Thursday morning.
Following work by Octopus Property’s sales, commercial and credit teams, and all those in the Howard Kennedy legal team, the loan was completed by 3.20pm the following Tuesday, just four working days after the application form and KYC documents arrived.
Ludo Mackenzie, head of commercial property at Octopus, said: “This was a classic Octopus Property deal – tight timeframe, complex structure and large lot size. Buchler Barnett Spencer are an established introducer of high quality loan requirements to Octopus, so it was extremely satisfying to complete this deal with them.”
Clinning, head of banking and asset finance at Howard Kennedy, added: “The long standing relationship between the teams at Octopus and Howard Kennedy meant that all potential issues were identified and resolved early, making the process seamless with the deadline for completion being met with relative comfort.”