Sirius advisor Charlotte Stanford MD Nicholas Chrostofi orchestrated this complex £7.84m deal to completion meeting a strict ‘pre-Christmas’ deadline. A great example of a solution being masterfully executed by professional teams pulling together.
The client needed to refinance a recently completed development of a 94 unit student block to retain the asset. The existing debt included mezzanine finance and totalled over 70% LTV. As the scheme had only very recently completed during Covid-19 lockdown, the volume of student occupation was lower than anticipate thus they needed the bank to lend against anticipated post-Covid-19 occupancy. Sirius worked closely with the valuer and lender to support the viability of this and were able to secure a first charge commercial mortgage of £7.84 m for the freehold.