Sirius Property Finance has partnered with Miragon Investments to complete a development loan with a gross development value (GDV) of £26m.
The loan is to finance the conversion of a listed mansion in Essex.
Funding had initially been secured to finance the development, but was withdrawn at a late stage, after underwriting and valuation, when the original lender pulled out of the deal.
Sirius was able to find a new lender to pick up on the deal, including accepting the valuation report and legal work that had already been carried out, saving the clients time and money.
Sirius senior associate, Robert Heywood, commented: “This was another excellent example of the importance of specialist expertise and the power of strong relationships. This was a large deal and the client was left in limbo at a late stage. But, by pulling together and working collaboratively with the team at Miragon, we were able to secure a great result for the client.”
Miragon managing director, Dhruv Bhatnagar, said that Sirius had managed to “turn a potentially difficult scenario into another positive outcome”.
“Our client had been let down by the original debt provider and was left on a crossroads before Sirius was able to turn it around & deliver a favourable result,” said Bhatnagar. “Earlier this year we completed a tricky £15m development facility with Sirius and this deal was not only larger, but in many ways more challenging.”
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