Topland has completed a quartet of bridging loans in December with a draw down in excess of £50m.
The loans, which were for an average loan period of nine months and had an average loan-to-value of 65%, had a total GDV in excess of £250m.
One of the deals was for a former police station in Chelsea off Sloane Avenue, which the borrower is seeking consent to redevelop to luxury residential.
The 23,153 sq ft building sits on a 0.195 acre site at the southern end of Lucan Place, SW3.
It is understood the client paid in excess of £45m and is working up plans for a residential scheme which local agents have estimated could have a gross development value in excess of £150m.
Topland provided a loan of £22.5m in less than two weeks from the first approach from the borrower, at a market leading rate of 5.5% per annum.
Another was for the former Westminster fire station, which the borrower also hopes to convert to prime residential.
A further two bridging loans for £20m were completed within a week to one of the UK’s leading high end residential developers.
Edward Matthews, Topland’s structured finance manager, said: “We are seeing an increasing number of clients coming to us with deals which have a focus on public sector buildings.
“Given the cost cutting agenda being pushed from national and local Government this is only likely to continue. We are well positioned to capitalise this trend as these transactions often have a strong element of planning risk. This is something most other lenders are uncomfortable with. Often when these assets come to market quick decisions are needed and few lenders will move as quickly as Topland.”