Pallas backs Tottenham industrial to resi development with £7.5m bridging loan

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.

The consented plans include 41 open market homes, 12 affordable homes and 27 commercial units, set to turn a site of warehouses and offices into 53 new homes alongside new commercial space.

The 6-month facility was structured at 50% LTV and refinances the borrower’s existing bridge, which had reached the end of its term.

Pallas Capital stepped in to give the borrower continuity at a key point in the project.

The site was previously a light industrial site, home to warehouses and offices, before the borrower acquired it in 2025.

The transaction was introduced by Derek Bradstock, managing partner at BBA Finance, who brought the opportunity on behalf of an experienced landlord and developer with a sizeable property portfolio.

The Pallas team looked at the scheme as a whole, structuring the facility around the borrower’s plans for the site and staying in close contact with BBA Finance and the borrower to keep the deal moving through to completion.

Chris Wright, senior underwriter at Pallas Capital, commented: “Lending on a site like this means looking past the warehouses and offices standing there today and backing what they are going to become.

“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.”