Octopus Real Estate provides £1.5m refurbishment loan for a residential conversion in Seven Sisters
- Borrower is Lawrence Road Developments Ltd, directors and shareholders of which include foreign nationals and a Jersey trust
- Loan refinances existing Octopus bridging loan, used to acquire and gain planning for the property
- Property will be converted from 4 work units into 7 residential units
Octopus Real Estate, part of the Octopus Group, has agreed 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, commented:
“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 said:
“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.”
For journalists in their professional capacity only. Personal opinions may change and should not be seen as advice or a recommendation.We do not offer investment or tax advice. Issued by Octopus Real Estate. Octopus Real Estate is the trading name of Bridgeco Ltd (Reg No 6629989), Fern Trading Ltd (Reg No 6447318), Nino Ltd (Reg No 9015082), Octopus Property Lending Ltd (Reg No 7531926) and Octopus Co-Lend Ltd (Reg No 8913299), Registered Office: 33 Holborn, London EC1N 2HT, registered in England and Wales and Dragonfly Finance S.ar.l. (Reg No B189290) Registered Office: Parc d’Activité Syrdall, 6 Rue Gabriel Lippmann, L-5365, Munsbach, Luxembourg registered in Luxembourg. Octopus Property Lending Ltd and Octopus Co-Lend Ltd are authorised and regulated by the Financial Conduct Authority. Issued July 2019