Atelier funds £12.4m office-to-resi scheme in Streatham

Atelier has provided a £12.4m development loan, structured at 66% LTV over an 18-month term, to Lotus Living for 60 homes in Streatham.

Following the recent £8.7m funding announcement of a residential development in Lewisham, the lender has agreed its second loan completion in London in as many weeks.

The loan has an initial provision of a £5.85m net advance at 90% Day One LTV to enable the acquisition of the site in a competitive bidding process. The new development will see the conversion of a former office building into 60 homes, as well as two existing ground-floor commercial units.

The new homes will play their part in easing the considerable housing shortages in the area, with Lambeth Council implementing its ongoing New Homes Programme to deliver more than 2,000 new homes by 2030.

Rav Kudhail, lending director at Atelier, said: “This is a new borrower relationship and we worked with our client to execute this transaction in 4-weeks from enquiry to completion. We supported our borrower through the bidding process and provided a net advance that secured the site and structured the facility to ensure the completion within the tight timeframes.”

Rajiv Nehru, chief executive at Lotus Living, added: “As a first-time partner, the Atelier team impressed us with their speed and professionalism, delivering development funding with exceptional execution that supported our project’s timely progression.”