Sirius Property Finance says it has launched a flexible funding line for property developers.
The specialist debt advisor says it has secured exclusive access to funding that offers experienced developers a development exit to a term product at 80% loan to value.
The product provides developers with senior and mezzanine finance at up to 80% LTV at a blended rate of 9.95%. It has a 2% completion fee, with loans available on a nine-month term. At the end of this, there is a guaranteed term facility available from 4.45% at up to 75% LTV.
Loan sizes range from £5m to £30m on newly completed schemes, although this finance is not available on permitted development schemes.
Sirius Property Finance managing director and co-founder Nicholas Christofi says: “At Sirius, we pride ourselves on championing the small and medium-sized developer and we are seeing far too many good schemes fail due to slight shortfalls in funds.
“So, we are proud to be able to offer this as a potential solution solely for Sirius clients. It’s perfect for those developers who have experienced delays and cost overruns, want the flexibility to sell more units, or the security of longer-term finance that is pre-underwritten at the outset.”
Sirius Property Finance, founded by mortgage broker Brightstar Group in 2016, specialises in complex debt advisory for structured, development and investment finance as well as commercial and regulated mortgages.