SIRIUS COMPLETES £24.4M SEMI-COMMERCIAL REFINANCE WITHIN 4 WEEKS
Sirius Property Finance has completed the refinance of semi-commercial loan for more than £24.4m, within four weeks of terms being issued.
We were approached by boutique London property developer, Aitch Group, to assist in refinancing a semi-commercial property, Childers Street, comprising 83 residential units and three commercial units, as its current facility was due to expire.
Aitch Group has a proven track record of delivering successful commercial and residential developments over the last three decades and typically finances its schemes using high street banks. However, due to the impact on market conditions of the Mini Budget announcement and Base Rate increases, the High Street banks were unable to provide viable options and a more specialist solution was required.
Nicholas Christofi, Co-Founder at Sirius Property Finance, worked with Aitch Group to structure a bespoke solution with InterBay, part of the OSB Group, which provided the full borrowing amount at a competitive rate and within the tight timeframe required by the client. This fast completion was facilitated by OSB Group’s solicitor, Stuart Allen at Paris Smith, who enabled drawdown of funds within four weeks of terms being presented to Aitch Group.
Nicholas Christofi, Co-Founder at Sirius Property Finance, said: “This was an excellent demonstration of Sirius going the extra mile to deliver a positive outcome that exceeded our client’s expectations. Aitch Group is an experienced developer with a strong track record, but despite this, it was a very tricky case given the restrictive timescales and market environment. However, by working together with the client, OSB Group and their solicitor, we were able to structure a bespoke solution to deliver the funds required, at a competitive rate and ahead of the deadline. It’s a great example of how real estate debt advisors, working in partnership with their clients and together with specialist lenders, are still able to complete complex deals, even while other avenues appear to be blocked.”
Henry Smith, CEO at Aitch Group, said: “We are delighted with our recent refinancing. The semi-commercial loan, which Sirius Property Finance helped us achieve within a very quick time frame at a competitive rate is an excellent result for us. The Sirius Property Finance team, alongside OSB Group, helped us to find a personalised solution and complete this complex transaction where the High Street banks were unable to.”