We’ve 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-bed live work units and 1 x 1-bed live work unit into 4 x 2-bed flats and 3 x 1-bed 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.
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.”
