Norton Broker Services has recently secured a purchase and refurbishment loan valued at £210,000 and £120,000 respectively, for a newly formed special purpose vehicle (SPV).
The client, made up of four directors, first approached Norton Broker Services in search of financing to fund the refurbishment work on a property with a purchase price of £300,000.
Norton approached Octane Capital to secure the financing, which was not the easiest to collate given information was required from four separate parties.
This was also Norton’s first application with Octane Capital.
The clients were also reluctant to apply for planning permission without owning the property but also didn’t want to lose terms, so Octane agreed to hold the terms while the applicants applied and waited for planning permission.
Once approved, the clients were granted this an initial loan of £210,000 and a further £120,000 for the refurbishment at 72% loan-to-value (LTV).
Sonny Gosai (pictured), senior sales and development manager at Norton Group, said: “This was our first experience using Octane.
“From initial enquiry to assisting with structuring the deal to completion it was what we expect from a bridging lender.
“The service provided was excellent and I highly recommend using Octane for future cases.”
Josh Knight, sales and marketing director at Octane, added: “Refurbishment cases like this are our sweet spot – even for developers with limited experience – we’re so pleased that Sonny brought it to us.
“The case was brilliantly packaged and Sonny and his team provided great help in driving it to completion.”
