Triple Point has originated a £17 million development finance facility for a mixed-use residential scheme in Fulham. This facility, introduced by broker LEXI Finance, is the largest single loan originated by Triple Point's property development team.
The funding will support the construction of 31 apartments across two blocks, alongside two commercial units located off the King's Road. Developer Sotheron Developments will deliver 21 private sale apartments in one block, while the second block will contain 10 affordable homes pre-sold to Westway/Karibu Housing Association.
The facility is structured at 64% loan-to-gross development value and includes a recycling mechanism. This allows proceeds from the pre-sold affordable units to be used to fund the construction of the private block, aiming to reduce the lender's exposure and the developer's overall cost of finance.
Philip Bird, head of origination, property development, private credit at Triple Point, noted the continued need for housing in London, particularly on constrained brownfield sites. A spokesman for Sotheron Developments highlighted the flexibility of their financing partner for this complex site, which required a double-storey basement.