Pallas Capital provides £7.5m bridge for Tottenham industrial site

Pallas Capital has completed a £7.5m bridging loan secured against a former industrial site in Tottenham, North London. The site has planning consent for an 80-unit mixed-use scheme.

The approved plans will replace the existing warehouses and offices with 53 new homes and 27 commercial units. Of the homes, 41 will be for sale on the open market and 12 will be affordable.

Continuity at a critical stage

The six-month facility is set at 50% LTV. It refinances the borrower's existing bridge, which had come to the end of its term. This gives the developer breathing room to move the scheme forward without losing momentum.

The borrower bought the site in 2025. The deal was introduced by Derek Bradstock, Managing Partner at BBA Finance. The client is an experienced landlord and developer whose sizeable portfolio was built through renovation, conversion and new-build projects.

Unlocking London's brownfield land

The deal comes as pressure grows to make better use of previously developed land. CPRE's State of Brownfield 2025 report found that London's brownfield registers could hold more than 462,000 homes, close to a third of the total for England. However, only around half of that capacity currently has planning permission. With consent already in place, this Tottenham site is one of those ready to move closer to delivery.

Looking at the whole scheme

A scheme that combines a change of use, mixed tenures and commercial space requires the planning, legal and technical elements to fit together. Pallas said it treated the loan as part of the wider project rather than as a standalone transaction. The lender structured the facility around the borrower's plans for the site and worked closely with BBA Finance through to completion.

Chris Wright, Senior Underwriter at Pallas Capital, said that lending on a site like this means backing what it will become rather than what stands there today. He added that the developer's track record was the deciding factor.

What put us at ease was the borrower.

Pallas said it is already in talks with the borrower about funding the next phase of the project.