Octopus Real Estate provided a £3.8m loan over a 6-month term to support Lucas Homes with its latest development scheme in Kingswood, Surrey. The 1.1-acre site is very well located, adjacent to Kingswood Railway Station, and benefits from having implemented planning consent for the construction of 18 luxury houses with 36 car parking spaces.
The loan funded the asset acquisition and allowed the borrower to finalise detailed planning consent.
The facility was refinanced by Octopus Real Estate’s Development team, who are funding the construction of the scheme.
“Lucas Homes were delighted to work again with Octopus Real Estate on this prime residential site. With the Octopus facility in place, we secured detailed planning consent and completed the pre-development works on site. The site is now under construction with follow on construction funding agreed and in place with the Octopus Development Finance team. We see our partnership with Octopus as critical to the success of projects such as Kingswood and look forward to delivering this exciting residential project this year.”
Michael Lucas, Founder, Lucas Homes