Land Purchase — 36-Storey Tower
East London

A major development group had identified a prime site in East London for a 36-storey residential tower — ground floor retail, gym on the first and second floors, and residential apartments above. The site had full planning consent but couldn't proceed to construction until BSR Gateway 2 approval was obtained. The developer needed £25.6m to acquire the land and hold it during the Gateway 2 process, which was expected to take 6-12 months. This was our largest short-term finance deal to date.

At £25.6m, this was a significant ticket that few lenders could accommodate in a single facility. The Gateway 2 requirement meant no structural work could begin until BSR sign-off — so the lender was effectively funding a land hold with no construction activity for potentially 12+ months. The 36-storey height brought the scheme within BSR scope, adding regulatory complexity. The developer also needed the facility structured to allow a seamless transition into a full development facility once Gateway 2 was approved.

We placed the entire £25.6m facility with a single private UHNW funder from our panel who had the appetite and capital to take on the full ticket. This avoided the complexity of multi-lender structures and inter-creditor agreements, giving the developer a single point of contact and faster execution. We negotiated an 18-month term with a 6-month extension option to cover any Gateway 2 delays. The facility included provisions for the BSR application costs and professional fees during the approval period. We also secured indicative development finance terms from our sister company, giving the developer a confirmed exit route once Gateway 2 was granted.