Pallas Capital lends £7.5m on Tottenham industrial site with consent for 80 units
The six-month bridging loan at 50% LTV refinances a borrower's existing bridge that had come to the end of its term.
Bridging lender Pallas Capital has provided £7.5m to the owner of a former light industrial site in Tottenham, north London. The site has planning consent for a mixed-use scheme of 80 units.
Under the approved plans, warehouses and offices on the site will make way for 53 homes and 27 commercial units. The 53 homes are split between 41 for the open market and 12 affordable homes.
The loan runs for six months at a loan-to-value ratio of 50%. It replaces the borrower's previous bridging facility, which had reached the end of its term. Pallas Capital said it stepped in to keep the project going at a key stage.
The borrower bought the site in 2025. Derek Bradstock, managing partner at BBA Finance, introduced the deal on behalf of the borrower, whom Pallas Capital described as an experienced landlord and developer with a sizeable property portfolio.
Chris Wright, senior underwriter at Pallas Capital, said: "Lending on a site like this means looking past the warehouses and offices standing there today and backing what they are going to become."
Wright said the borrower's record of buying, converting and building across its portfolio gave the lender confidence that the scheme would be completed.
