Topland, headed by Sol Zakay, has reported that at the end of the third quarter of this year, it has deployed £190 million of the additional £200 million extra funding announced back in February.

In the third quarter alone of this year, Topland deployed £100 million worth of property loans, made up of joint ventures, bridging loans, senior development loans and mezzanine finance with a focus on prime residential development.

To date, close to 50 loans have been completed in excess of £300 million.

Most notably, Topland completed a £36 million bridging loan for a developer to get planning on a five-acre site on ultra-exclusive Bishops Avenue, N2 once known as “Millionaires’ Row”.

Speaking on the news, Antony Iannaccone, Lending Manager at Topland, said: “We will shortly conclude a prime residential development joint venture with a gross development value (GDV) in excess of £20 million. We will be providing £3 million of equity and we have a healthy pipeline of similar deals.

“In April in a JV with Urban Exposure we acquired a prime 3.4-acre site Dawn Hill, on the Wentworth Estate, Surrey, by the famous golf course, with plans to build a 25,000 sq. ft. mansion, with a GDV in excess of £30 million. Not only has work now started but we also secured an increase in the planning permission to 28,000 sq ft.”

Some of the deals include:

In prime Belgravia, at Chester Square, Topland provided £10 million worth of mezzanine finance which assisted developer Nick Knight in acquiring an adjoining mews house – in order to complete a development of a 10,000 sq ft town- house with an estimated GDV of £50 million.

At nearby Chesham Street, Topland provided a £16 million senior development loan to luxury residential developer Fenton Whelan – in order to acquire an apartment block to create a £40 million scheme of six state-of-the-art apartments.

Also commenting on the announcements, Edward Matthews, Lending Manager at Topland, said: “We have recognised that developers in more alternative sectors such as hotels and student housing and other permitted development plays have found the funding environment difficult and too slow. We now provide a rapid funding solution to ease such scenarios.

“Recent deals Topland has funded include a £7.5 million bridging facility for new hotel concept Urban Villa to enable a switch in planning from office to hotel on the edge of the City and a £3 million acquisition and development loan, completed within three days to English Rose Estates to convert a former Coventry hotel to student housing”.

Topland CEO Sol Zakay concluded: “The success of Topland Group has been built not only on our asset management skills but also by our capital management expertise. One of the strengths of our lending business is now other savvy developers can benefit from not only our balance sheet but our experience too.”