loan to value
We provided a 12-month refurbishment facility to Opulen 17 Ltd, an established London based property group. Opulen is a multi-faceted development business, specialising in heavy refurbishments and new-build opportunities in the West London residential property market. The loan was for a total of £1.1 million which allowed for a £0.7 million day-one acquisition purse. The facility also included 100% of construction costs and was phased over four tranches.
With the funds being drawn as needed, our client only paid interest on the total amount drawn at any given point. This flexibility allowed them to manage cash flow efficiently and avoid any unnecessary finance costs. With leverage at the forefront of our client’s priorities, we provided a facility which was 70% loan to open market value (net) day one, and 84% loan to cost.
This two-storey, three-bed, mid-terraced home was bought in need of complete renovation. With the previous owner having occupied the property for 30 years, our client was keen to modernise the unit in order to unlock its true value.
Through the addition of a rear extension, side return, roof extension and subsequent loft conversion, we were able to help extend the property significantly to offer a large five-bedroom family house in Shepherd’s Bush. The property benefits from a complete renovation and, with our support, the client was able to finish it to a very high standard.
“Octopus Real Estate was the perfect partner for us to acquire and develop this opportunity in West London. The team was supportive throughout, agreeing a bridge to purchase the property, then supplying us with 100% of costs to extend and renovate it ready for market.”