Project: ASA LLP – Commercial Investment
Broker: Paul Debney
Client Requirement: £12m refinance of debt with other lenders on property value £20m
Loan Amount: £12m
Structure: 3 year term loan
Asset Class: Residential property portfolio, 16 properties
Rate: 5.99% 3 year fixed
Timings: 6 months
Deal Narrative: The client had existing facilities that were due to expire and refinancing these facilities was proving difficult because the client was aged over 75 and did not have a succession plan in place. There were also pre-existing planning issues that caused problems with some lenders.
A refinance facility was agreed with a bank, only for the bank to pull out close to the completion date.
This put the client and Sirius in a difficult situation, but we were able to leverage our relationships to swiftly secure another lender and push through to completion in just 11 days.