Group funds £50m quartet of bridging loans
By Tom BelgerTopland Group completed a quartet of bridging loan deals worth £50m in December.
Topland Group completed a quartet of bridging loan deals worth £50m in December.
The property and investment firm, led by billionaire brothers Sol and Eddie Zakay, said the loans had an average period of nine months, an average LTV of 65% and the total GDV for the four deals was more than £250m.
One of the loans was for a former police station in Chelsea which the borrower wanted to redevelop into a luxury residential building.
The client is understood to have paid over £45m for the site which local agents estimate has a GDV in excess of £150m.
Topland was able to provide the borrower with a £22.5m bridging loan at a rate of 5.5% per annum in under two weeks.
Another was for the former Westminster fire station which the borrower hoped to convert into prime residential.
Edward Matthews, Structured Finance Manager at Topland, said the firm had seen a growing number of deals with a focus on public sector buildings.
“Given the cost cutting agenda being pushed from national and local government this is only likely to continue,” said Edward.
“We are well positioned to capitalise [on] this trend as these transactions often have a strong element of planning risk.
“This is something most other lenders are uncomfortable with.
“Often when these assets come to market, quick decisions are needed and few lenders will move as quickly as Topland.”
Keywords: Topland Group, Property, Bridging loan, Bridging Finance, Chelsea, Residential, Development, Loans, Lender