john carter

Aldermore, Lendhub and Proseed Capital fund Canary Wharf development

Aldermore, Lendhub and Proseed Capital have collaborated on a finance facility of almost £34m for the conversion of a commercial unit in Canary Wharf.

The property will be transformed into 99 micro apartments and nine new-build units with a GDV of £55m.

The facility is majority funded by Aldermore, which has provided £29.6m, making this its biggest property development deal to date.

Lendhub and Proseed Capital have teamed up on a syndicated mezzanine loan of £4.1m to developer London Green, which has appointed Mantra Capital to source and negotiate the debt package.

James Tregoning, co-managing director at London Green, said: “Our debt advisers, Mantra Capital, did a great job in bringing the three lenders together and in managing the complex transaction through to completion.”

John Carter, commercial director at Aldermore (pictured above), added: “While deals of this size are not common practice for Aldermore, we were keen to provide the finance.

“We continue to back people with viable strategies and this deal is a good example of that.”

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