Following completion of the development, the client needed to refinance a block of 94 student apartments to retain the asset. The existing debt included mezzanine finance and totalled over 70% LTV thus it was crucial that the arrangement fee be added to the new loan in order to cover repayment. As the scheme had only very recently completed during COVID-19 lockdown, the volume of student occupation was lower than anticipated therefore they needed the bank to lend against anticipated post-COVID-19 occupancy. Sirius worked closely with the valuer for them to support the viability of this and were able to secure a first charge commercial mortgage for the freehold.