Triple Point originates £17m facility for 31-home Fulham development
The scheme will provide 21 private sale flats, 10 affordable homes and two commercial units across two blocks.
Triple Point has provided a £17m facility to fund a 31-home mixed-use development off King’s Road in Fulham.
LEXI Finance arranged the loan for Sotheron Developments.
The scheme will provide 21 private sale flats, 10 affordable homes and two commercial units across two blocks.
The affordable homes were pre-sold to Westway/Karibu Housing Association.
The development will also include a two-storey basement.
The facility was agreed at 64% loan-to-gross development value (LTGDV).
Proceeds from the affordable homes will be used to help fund construction of the private block.
RWK Goodman advised Triple Point, Lambert Smith Hampton acted as valuer and Dalbergia served as independent monitoring surveyor.
Philip Bird, head of origination, property development, private credit at Triple Point, said: “London continues to need housing delivered at pace, particularly on constrained brownfield sites where schemes like this often fall outside the appetite of mainstream lenders.
“Sotheron Place is a landmark transaction for our Property Development team, both in scale and structure.
“Adam Wass led the transaction on behalf of Triple Point, working closely with LEXI Finance and the borrower, to structure the package around the project’s requirements, which enabled us to bring this complex deal to completion.”
Bird added: “It demonstrates the type of tailored, well-structured lending we can originate as we scale.”
Sam Le Pard, director at LEXI Finance, said: “I’m proud to have worked on this transaction over a sustained period, supporting a long-term client on a unique deal.
“Complex transactions can sometimes become strained as they progress towards completion, however, this deal was the opposite from the off, with all parties pulling in the same direction towards completion.
“The best example of this was collectively agreeing a recycled funding solution, which meant a lower risk profile for the lender and reduced costs for the borrower, without any less funding on day one.”
Le Pard added: “I can’t wait to visit the site as the transaction progresses, although I think I’ll try and time my first visit for when it’s not just a double-storey hole in the ground!”
A spokesperson for Sotheron Developments said: “Working with a financing partner who is genuinely flexible made all the difference on a site as complex as this one.
“Triple Point took the time to understand what we needed and structured the facility around it, rather than asking us to fit a standard template.
“We’re pleased to be moving forward with a scheme that delivers much-needed homes in Fulham, and we look forward to working with Triple Point again.”
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