Sotheron Place

LEXI arranged a £17m development facility at 64% LT-GDV to fund the construction of a mixed-use scheme comprising 31 apartments and two commercial units on the Fulham/Chelsea border. The constrained site just off the King’s Road also requires the construction of a double-storey basement, adding further complexity to the scheme.

The bespoke facility allowed proceeds from the sale of the affordable units in the first block to be recycled into the development of the second block, a highly unusual structure for an apartment-led scheme. This reduced the lender’s LT-GDV and the overall cost of funding for the developer, while maintaining the required day-one facility.