The client required a re-finance to exit an existing lender arrangement and then further funds to complete the build of a part permitted development and part new build scheme of 145 flats . Sirius secured £15.5m of senior debt comprising a dual facility; the majority of the debt on a 2-year development exit loan with no ERC’s, plus an improvement loan to complete the additional block. Mezzanine debt of £2.8m arranged to assist senior loan until practical completion of entire scheme.
