Senior Associate Craig Hardiman-Scott, with the expert assistance of Luke Casey & Ben Hall, guided another property developer through to a successful completion on their 44 unit development exit.
The client came to Sirius with their development scheme already underway, a new build site in Kent comprising 20 apartments and 22 houses convert the existing facility of £4.8m Senior and £1.7m Mezzanine into a longer term loan in order to hold the asset as an investment.
They required a development exit plan to coincide with the development being signed off by building control, the existing lender’s repayment deadline and ensuring the site was complete and lettings agreed. Sirius co-ordinated the process, liaising with all parties and ultimately ensuring the new lender’s expectations were met and the funds of £6.85m were secured within the tight time frames. The successful transaction released equity for the developer that they were able to invest in further development sites, all of which Sirius are arranging further funds for.