“This is a new borrower relationship and we worked with our client to execute this transaction in 4 weeks from enquiry to completion”
– Rav Kudhail – Atelier
Atelier has completed a £12.4m development loan to fund the creation of 60 new apartments in Streatham, South London.
The loan is structured at 66% LTV over an 18-month term and follows Atelier’s recent £8.7m funding of a residential development in Lewisham, marking the lender’s second London loan completion in as many weeks.
The facility includes an initial £5.85m net advance at 90% Day One LTV to support the site acquisition in a competitive bidding process. The development will convert a former office building into 60 high-quality studio apartments and retain two ground-floor commercial units.
The project contributes to easing local housing shortages, aligning with Lambeth Council’s New Homes Programme, which aims 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 completion within the tight timeframes.”
Rajiv Nehru, CEO at Lotus Living, said, “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.”
Nick Swerner, director of GLPG, said, “We were delighted to close this transaction with Atelier, who contributed significant senior leadership time on their side in order to make the transaction meet the tight transaction times. Atelier showed significant commerciality to reach mutual conclusions when hurdles were presented, and we look forward to working with the team again in the future.”
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