Atelier has completed a £8.7m development loan, structured at 67% loan-to-value (LTV) over a 24-month term, to fund the construction of 21 new homes in Hither Green, South East London.
The loan completion follows the initial provision of a £550,000 VAT tranche to support the original purchase of the site, and will see new homes delivered in a well-connected residential area with strong transport links.
Atelier enabled the client to progress from initial site acquisition to development, facilitating demolition and ground-up construction of 21 new homes.
The new homes will comprise 18 apartments and three houses, and the development also includes a communal garden, complete with orchard and greenhouse.
The site will be delivered ‘car-free’, with two parking spaces reserved for Blue Badge holders, and will aid in alleviating the stark housing need in Lewisham, with Lewisham Council recently increasing its housing target by 10%, as it seeks to build more than 30,000 new homes over the next 15 years.
Harley Stairmand, lending manager at Atelier, said: “This project demonstrates how our flexible funding solutions can unlock the potential of well-located sites.
“By structuring the facility to include a VAT tranche, we enabled the client to progress from acquisition into the construction phase, allowing them to focus on delivering high-quality homes.”
