Sirius sources funding for £14m GDV PD scheme
Sirius Property Finance has sourced joint funding for a £14m GDV permitted development scheme.
The project in Sutton Coldfield was supported by a total debt package of £7.47m.
Aldermore provided senior debt of £6.12m and Iron Bridge £1.35m of mezzanine to Brickmort Developments to refinance and develop the site.
Brickmort Developments were advised by Sirius.
Nicholas Christofi, co-founder of Sirius, said: “This was a very complex deal for a client with whom we have worked for more than five years.
“The property was tenanted by a global company and so we needed to make sure we worked with the most appropriate lenders, with expertise around the potential legal risks.
“Using a combination of both Aldermore and Iron Bridge, we were able to deliver a very attractive debt package for the borrowers to enable them to carry out the development of a key site in Sutton Coldfield.
“The key to this deal was the relationship between all parties and the desire for us all to deliver a funding package to suit the client as well as the lenders.”
Four Oaks House is a three-storey office building which has permission under permitted development for conversion into 77 residential units.
Brickmort obtained planning permission from Birmingham City Council for the erection of a side extension and one new floor comprising of 13 flats.
Greg Tarn, associate director – credit, at Iron Bridge Finance (pictured), added: “At Iron Bridge, we pride ourselves in finding solutions to problems, and this case was no exception.
“Closing this deal with like-minded partners was immensely satisfying and we are delighted to able support this scheme.”
Keir Morris, property development manager, from Aldermore Bank, said: “We’re pleased to be able to provide funding for this scheme given some complex challenges surrounding the legal title of the property.
“Thanks to the collaborative approach of all parties, including Sirius, Iron Bridge and our legal advisers, we were able to get our client the funding they were looking for. It’s a great example of how complex deals can still be done within development finance.”