This loan, with a duration of 21 months and LTV of 67.3%, is being used to refinance a bridge used to purchase a site in South Woodford and create 28 residential apartments.

The site itself is situated on a 0.33 acre corner plot between Woodford and South Woodford.

For the deal, Pivot provided a highly geared day one loan and allowed the borrower to redeem the existing lender in full and provide cashflow to commence the build. A 100% development facility was also provided along with an adequate ‘sales tail’ to enable the complete units to be sold within the facility term.

“This transaction is another example of how Pivot works closely with developers to support them on their growth journey,” said Andreas Yianni, commercial director at Pivot (pictured above).

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“The developer is taking a step up in project size and required a high loan-to-value but the Pivot team were able to use their expertise to understand the strength of the transaction. We were able to achieve this at speed while maintaining our flexible, solution driven approach.”

Andreas joined Pivot in November 2023 to head up the firm’s origination function and commercial direction of the business. His hire came soon after a strategic investment from Quilam Capital — he brings 18 years in property and wealth management.

Joining his team are Harrison Barker-Smith, Matthew Kerchner and Valan Redmond.

Harrison joins Pivot from Together Money where he spent over five years as a senior relationship manager, recognised as a top development finance performer.

Matthew, who joined earlier in the year, formerly led the UK operations for a US-based family office. In his last 18 months at this firm he successfully completed approximately £40m in transactions.

Valan joined the firm in June and previously served as a relationship manager and portfolio manager at West One. Prior to that she was a portfolio manager at Shawbrook.

A statement from Pivot added: “The new hires align with Pivot’s strategic growth plans following its recent investment from Quilam Capital. With a renewed focus on origination, Pivot is committed to expanding its presence in the development finance sector.”