Pallas Capital has completed a £7.5m bridging loan against a former industrial site in Tottenham, North London, which has planning permission for a mixed-use scheme of 80 units. Consent covers 41 open market homes, 12 affordable homes and 27 commercial units, replacing warehouses and offices with 53 homes and new commercial space.
The six-month bridging loan was structured at 50% LTV and refinances the borrower’s existing bridge, which had reached the end of its term.
The site housed light industrial warehouses and offices before the borrower bought it in 2025, which makes it brownfield land. London’s brownfield land registers have capacity for more than 462,000 homes, nearly a third of the England total, according to CPRE’s State of Brownfield 2025 report. However, only 54% of that capacity has planning permission. The Tottenham site has consent for 53 homes, 12 of them affordable, alongside commercial space.
Derek Bradstock, managing partner at BBA Finance, introduced the transaction on behalf of an experienced landlord and developer with a large property portfolio. The borrower built that portfolio by buying properties to renovate, convert and build.
Planning, legal and technical elements all had to align on a mixed-use scheme of this scale. The Pallas Capital team assessed the scheme as a whole rather than treating the loan as a standalone transaction, structuring the facility around the borrower’s plans and staying in close contact with BBA Finance and the borrower through to completion.
“Lending on a site like this means looking past the warehouses and offices standing there today and backing what they are going to become,” said Chris Wright, senior underwriter at Pallas Capital.
“With a change of use, a mix of homes and commercial space, and planning that has to line up with the legal and technical side, it takes real experience to know how the pieces fit together, and that is what we bring to a deal like this.
"What put us at ease was the borrower. They have bought, converted and built their way through a sizeable portfolio, so we trusted them to see this one through, and we were glad to work alongside Derek and BBA Finance. We can’t wait to watch it come to life and bring new homes to Tottenham.”
Pallas Capital is in ongoing discussions with the borrower about the next stage of the project.
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
