Part build
residential
scheme

Distressed 250 apartment development

Loan Amount

£25.6 million

structure

Stretch senior

LTV OR GDV

75% LTGDV

asset class

Freehold residential property

The developer for this 250 unit new build scheme had gone over term on their current development facility thus required a sales bridge to sell the first phase and development funds to finish phases 2 and 3. Covid-19 had caused delays to the build and overseas buyers, who had already exchanged on units, had unilateral notices on these apartments. This drastically limited the number of lenders in the market who would consider lending on the development which had left the client unsuccessfully seeking funds for 12 months. In just 8 weeks from initial enquiry, Sirius were able to source a fund to structure the deal in a way that facilitated the developer to sell the complete units and financed the completion of the remainder. This enabled the borrower to preserve the relationship with the existing lender and to reach practical completion in order to execute the pre-sold units.

Advisor

Neil Chambers Neil Chambers Senior Associate, Residential & Investment Finance contact details 0208 092 4414
07970 756 588
neil.chambers@siriusfinance.co.uk  
Neil brings to the team an extensive knowledge base gained over 20 years in the financial services and mortgage industry. His career began in 1999 with NatWest Mortgage Services, moving on to work with Savills for almost 10 years as a senior broker before laying down roots with the Brightstar Group in 2015 and ultimately settling with Sirius in 2017. He is skilled at arranging a multitude of property finance, but his expertise lie in BTL Portofilos, Ltd Company Incorporations, High Net Worth Residential, Bridging and Commercial finance. Notable transactions include the buy out finance of 42 apartments at Brighton Marina and the refinance of a property portfolio compiled of 110 property assets.

Over the years Neil has earned Planning Certificate 1, 2, 3 and CeMAP qualifications. He also picked up the 'British Mortgage Awards - Buy to Let Broker of the Year 2006' award along the way. Due in part to his charming and patient demeanour, Neil boasts an impressive loyal client base for whom he is passionate about repeatedly helping to realise their property goals with innovative finance solutions. He believes the key to his repeat clientele lies in being adaptable to individual needs and remaining focused on delivering unrivalled service despite the pressures that can come with being on call almost 24/7.

Ever the optimist, Neil is a firm believer in the saying "Make hay while the sun shines" and is always on hand to assist his clients in seizing real estate opportunities.

To discuss an opportunity with our team please get in touch.

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