Funding / Real Estate
INVESTING Individual Investor Financial Adviser Institutional Investor FUNDING Entrepreneur Real Estate
Reading time: 1 min

£17.22m commercial loan turned around in 10 days

31 May 2018 By Octopus Real Estate

We provided Strawberry Star, a London-based investment and development company, with a £17.22m facility, secured against land located adjacent to Luton Parkway.

Showcasing our speed and flexibility, this was a £13.27m first charge loan with a £3.95m VAT loan on top, but as a single facility, and it was turned around in 10 days.

Strawberry Star required the loan to assist with the purchase of the asset. The property comprises of a 6.9-acre freehold site, which was previously occupied by the Vauxhall Van Plant, but now has planning for 685 residential units, a 209-key hotel, a medical wellness centre, retail and ancillary parking. The site has been cleared, levelled, decontaminated and enabled with all services and highways access.

Repayment will be by development finance, with a potential reduction coming from investor equity.

Prasanna Kannan, from the digital brokerage Native Finance, introduced the deal to us:

“We were delighted to work with Octopus, they showcased a real understanding of the market, and worked to extremely quick timescales. Of the 300+ lenders we work with, Octopus are one of the leaders when it comes to efficient loan execution.”

Ludo Mackenzie, Head of Commercial Property, said:

“We are delighted to be working with Strawberry Star, who are making serious in-roads into the UK market. Our thanks go to them and to Native Finance.”

Kekul Shah, Operational Director-Capital, Strawberry Star, said

“The company has a vision of building homes in London commuter belts for various buyer categories, including first-time buyers. It was a pleasure working with Octopus Property and Native Finance. We are impressed with the speed and professionalism they displayed.”

Related articles

PIC invests £200 million in the UK retirement villages joint ventures with Octopus Real Estate
News
12 Jul 2022

PIC invests £200 million in the UK retirement villages joint ventures with Octopus Real Estate

Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension schemes, today announces it is making a £200m equity investment to fund the development and operation of around 10 new retirement communities across the country. The Fund, Senior Living Investment Partners, is a joint venture between PIC and leading specialist real estate lender and investor, Octopus Real Estate
Our new partnership with Homes England, Greener Homes Alliance
News
21 Oct 2021

Our new partnership with Homes England, Greener Homes Alliance

Octopus Real Estate have partnered with Homes England, the Government’s housing delivery agency, to create the Greener Homes Alliance. The new Alliance commits £175 million, providing both loan finance and expert support to SME housebuilders, enabling them to build more high quality, energy efficient homes throughout England.
Ground-breaking Ceremony at Brendoncare St Giles View
News
1 Jul 2021

Ground-breaking Ceremony at Brendoncare St Giles View

Benjamin Davis & Michael Toft from the Octopus team recently attended the ground-breaking ceremony to mark the new care home construction of Bredoncare St Giles View in Winchester. It has been custom designed by our healthcare development team for The Brendoncare Foundation who will lease and operate the new home.
Share