Octane Capital has appointed former HSBC corporate real estate relationship director Alex Tyrwhitt to head its new development arm.
Initially, the Octane Capital development team will focus on conversions and lighter refurbishments. Its goal is to cater for heavy refurbishment by the end of 2017 and full, ground-up funding by spring next year.
Prior to working with HSBC, Trywhitt, who will become head of development lending, was an associate at GE Capital Real Estate UK, working as a risk underwriter on both debt and equity projects. He started his career as a chartered surveyor and RICS-registered valuer at Lambert Smith Hampton.
Octane Capital launched in May this year with a focus on complex and larger loans that brokers struggle to place.
Matt Smith, director of risk at Octane, said: “Despite the economic and political headwinds, the housing shortage remains as acute as ever and the majority of developers have retained their appetite to take on and build out new schemes. With high street banks continuing to shy away from development lending, there remains a significant gap in the market for professional, fast and flexible funding. It’s a gap, with Alex’s experience and contacts, that we wholeheartedly intend to fill.”
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