D’mitri Zaprzala

Octopus Real Estate to provide £1.5m refurb loan for Seven Sisters conversion

Octopus Real Estate has agreed to provide a £1.5m refurbishment loan to Lawrence Road Developments Ltd for a residential conversion in Seven Sisters, north London.

The loan refinances an existing bridging loan Octopus had provided for the purchase of the property and to obtain planning.

It will be used to convert three two-bedroom live/work units and a one-bedroom live/work unit into four two-bedroom flats and three one-bedroom flats.

The property is located on the east side of Lawrence Road in Seven Sisters, Tottenham.

The borrower will use the funding for £205,000 of refurbishment costs, contingency and other expenditures, which will occur during the build.

Lawrence Road Developments’ directors and shareholders include a foreign national residing in the UK, South African nationals and a Jersey trust.

D’mitri Zaprzala, head of sales at Octopus Real Estate (pictured above), said: “This loan demonstrates our ability to help borrowers throughout the property lifecycle, supporting different strategies, including acquisition, refurbishment and then sale or letting of a property. 

“Foreign nationals and expats typically struggle to gain traditional forms of finance, but as a specialist lender, we’re keen to support these types of borrowers.”

Chris Price, director at Lawrence Road Developments Ltd, added: “From the initial call, the team at Octopus has 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.”

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