Development finance lender Atelier has completed an £8.7m loan, structured at 67% LTV over a 24-month term, to fund the construction of 21 new homes in Hither Green, South East London.
The loan follows an earlier £550k VAT tranche provided to support the initial site purchase. Atelier helped the client move from site acquisition to development, enabling demolition and ground-up construction of the new homes in a well-connected residential area.
The site is located in the ‘well-kept secret’ area of Hither Green, within walking distance of both Hither Green and Lewisham stations. With good schools nearby and convenient access to local amenities, the development is aimed at young families seeking more affordable housing options in London.
The project will comprise 18 flats and three houses, with a communal garden featuring an orchard and greenhouse. The development will be delivered car-free, except for two parking spaces reserved for Blue Badge holders. The scheme also addresses Lewisham’s pressing housing needs, with the council recently increasing its housing target by 10% to 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.”
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