Development finance lender Atelier has completed a £5m loan to fund the acquisition, demolition and ground-up development of nine new homes in Lee, within the London Borough of Lewisham.
The loan, structured at 70% loan-to-value over an 18-month term, will enable the transformation of a previously underutilised garage site into high-quality family housing in a well-connected South East London location.
Comprising a new terrace of eight three-bedroom houses and one two-bedroom house, the development benefits from excellent transport links, with direct rail services to central London, including London Bridge and Charing Cross. The site also includes car and cycle parking, as well as landscaped amenity space.
"This scheme demonstrates the value that can be unlocked by bringing brownfield sites back into productive use," said Raj Hothi, lending director at Atelier. "The development will replace redundant garages with nine high-quality family homes, creating a lasting positive impact for the local community."
He added, "We are pleased to be supporting an experienced borrower with a strong track record of delivering residential developments. Our focus is always on understanding each opportunity and structuring funding that gives borrowers the confidence and certainty to move forward."
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