The facility was structured at 66% LTV over an 18-month term.

This follows the lender’s recent completion of a £8.7m deal for a residential development in Lewisham.

The loan provides an initial provision of a £5.85m net advance at 90% day-one LTV to enable the acquisition of the site in a bidding process.

The new development will see the conversion of a former office building into 60 studio apartments, as well as two existing ground-floor commercial units.

Rav Kudhail, lending director at Atelier, commented: “This is a new borrower relationship and we worked with our client to execute this transaction in four weeks from enquiry to completion.

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“We supported our borrower through the bidding process and provided a net advance that secured the site and structured the facility to ensure the completion within the tight timeframes.”

Rajiv Nehru, CEO at Lotus Living, said: “As a first-time partner, the Atelier team impressed us with their speed and professionalism, delivering development funding with exceptional execution that supported our project’s timely progression."

Nick Swerner, director at GLPG, added: “We were delighted to close this transaction with Atelier who contributed significant senior leadership time on their side in order to make the transaction meet the tight transaction times.

“Atelier showed significant commerciality to reach mutual conclusions when hurdles were presented and we look forward to working with the team again in the future.”