UK privately-held group Topland said on Tuesday it is seeing 'a lot of new business' in providing six-month bridging loan facilities.
UK privately-held group Topland said on Tuesday it is seeing 'a lot of new business' in providing six-month bridging loan facilities.
'This has been as a result of our very competitive rates on gearing levels up to 60%,' said Tom Betts, director of structured finance at Topland.
The UK company announced on Tuesday that it has deployed some £400 mln (€504 mln) in lending opportunities to date through a variety of funding structures including joint ventures, bridging loans, senior development loans and mezzanine finance with a focus on prime residential development.
Led by billionaire Sol Zakay, Topland has now funded schemes with a collective gross development value of over £800 mln.
A number of recent redemptions have been recycled into further lending. These include repayments of loans made to Fenton Whelan on a £40 mln residential development in London's Chesham Street and a senior debt loan to Union Hanover Securities for a £16 mln acquisition of Black Lion House on the edge of the City.
The company recently hired Michael Mirelman as loan finance manager to strengthen its lending team. Mirelman joins from Capital A Finance and was previously in the corporate commercial real estate lending team at Barclays.