The Intermediary

Development finance lender Atelier has completed a £12.4m development loan, structured at 66% loan-to-value (LTV) over an 18-month term, to fund 60 new apartments 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 provides 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.

Steve Reed (pictured) has been appointed Secretary of State for Housing, Communities and Local Government, following the resignation of Angela Rayner.

He was previously Secretary of State for Environment, Food and Rural Affairs between July 2024 and September 2025.

Reed has served as MP for Streatham and Croydon North since July 2024.

His responsibilities now include housing and planning, local Government and English devolution, regional and local growth, tackling homelessness and rough sleeping, and public appointments.

When a bridging lender dropped a developer’s advanced refinance plans, Aspen stepped with a £1,424,500 residential loan, which it completed in just six weeks.

The client had already undertaken over £300,000 worth of works to remodel a five-bedroom, four-bathroom detached house in Streatham, London, and required the funds to exit an existing finance deal as well as complete the project before marketing the property.