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.
Senior Associate, Residential & Investment Finance
0208 092 4413 07702 806 755 firstname.lastname@example.org Ut auctor augue at nunc varius, sollicitudin ullamcorper justo varius. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia curae; Aenean lorem turpis, convallis eu condimentum eu, semper a massa. Maecenas ac eros fringilla, sodales enim et, sollicitudin tellus. Sed semper a tellus vitae tincidunt. Mauris luctus ex feugiat interdum malesuada. Vestibulum id ex et massa vehicula suscipit. Donec venenatis, dui sit amet mollis congue, elit mi blandit urna, quis tincidunt augue neque eget felis.
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Sirius Property Finance or Sirius is a trading style of Sirius Property Finance Group Limited (company number 10132820) registered in England and Wales. Our Financial Services Register number is 813945. The registered address is; The HUB, Unit 7 Lake Meadows Business Park, Woodbrook Crescent, Billericay, Essex, CM12 0EQ. Sirius Property Finance Group Limited is an Appointed Representative of Bright Star Financial Limited also trading as Brightstar Financial or Brightstar (company number 07462342) registered in England and Wales. The registered address is; The HUB, Unit 7 Lake Meadows Business Park, Woodbrook Crescent, Billericay, Essex, CM12 0EQ. Bright Star Financial Limited is authorised and regulated by the Financial Conduct Authority. Their Financial Services Register number is 712700. You can check the Financial Services Register by visiting the FCA's website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.