Octopus Real Estate is to provide existing borrower Lawrence Road Developments Ltd with a £1.5 million refurbishment loan for a residential conversion in Seven Sisters, London.
The loan refinances an existing Octopus bridging loan, initially used to purchase the property and gain planning. The refurbishment loan is being used to convert 3 x 2-bedroom live work units and 1 x 1-bedroom live work unit into 4 x 2-bedroom flats and 3 x 1-bedroom flats.
The borrower will drawdown on the loan as and when they need it, covering £205k refurbishment costs, contingency and other costs which will occur during the build.
The property, which is located on the east side of Lawrence Road in Seven Sisters, Tottenham, is just nine minutes’ walk to the tube station and benefits from residents’ facilities and parking.
Directors and shareholders of Lawrence Road Developments include a foreign national residing in the UK, South African nationals and a Jersey Trust.
D’mitri Zaprzala, head of sales at Octopus Real Estate, said: “This loan demonstrates our ability to help borrowers throughout the property lifecycle, supporting different strategies including acquisition, refurbishment and then sale or letting of a property.
“Foreign nationals and expats typically struggle to gain traditional forms of finance, but as a specialist lender we’re keen to support these types of borrowers.”
Chris Price, director of Lawrence Road Developments Ltd, added: “From the initial call the team at Octopus have been fast, commercial and just generally helpful. Most of the business I do is non-standard and Octopus has been great at catering for different circumstances to form a mutually beneficial relationship.”