Topland Group provided more than £100m in bridging loans in the first half of 2015, mainly driven by demand outside of London.
The London-based property investor said it is seeing a big increase in businesses and people seeking bridging funding for what they believe are better priced assets outside London.
“We are seeing increasing demand for commercial real estate bridging loans from clients who are seeking quick decisions,” said Sol Zakay, Topland’s executive chairman and chief executive. “The figures reflect the company’s ability to look at a diverse range of assets and the flexibility of its terms.”
Among Topland’s investments in the first half of the year was a £10m loan to developer Williams Group to acquire agricultural land in Harwich, Essex. It has planning permission for a 90-acre, mixed-use scheme comprising 297 residential units and over 500,000 sq ft of commercial space.
Other bridging loans included: a £25m to a high-net-worth individual for a home overlooking Hyde Park in London; funding to luxury developer Southern Grove for a residential and retail mixed-use scheme, also in London, with a gross development value (GDV) of £100m; a £6m facility to acquire a site at London City Airport with planning permission for a 200-bed four star hotel; and a £5m facility secured against luxury flats on Park Lane.
Topland was also the majority provider of a £9m loan secured on the Hythe Imperial Hotel and the construction of 29 houses in Hythe, Kent with combined GDV of £20m.
Topland has a portfolio of over 220 properties, valued in the region of £3bn, including a hotel portfolio of 40 hotels, 30 of which are owned and operated directly. Its structured finance division provides lending and equity to residential, hotel and commercial developers.