Commercial Refinance

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.