Shawbrook and Sirius combine on £7.8m refinancing deal

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  • 05/01/2021
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Shawbrook and Sirius combine on £7.8m refinancing deal
Sirius Property Finance and Shawbrook Bank have completed a £7.8m loan to refinance a development facility on a purpose-built student accommodation block of 94 rooms.

 

Sirius approached Shawbrook and received an indicative offer in September, with case progression commenced in mid-November.

The pair worked together to meet the existing bridging loan expiry date and completed the case by 18 December on a ten-year interest only term at 70 per cent loan to value (LTV).

Shawbrook said due to the size of the loan and complex nature of the property, a lengthier approval process was required.

The lender said it obtained pre-valuation credit approval and began the legal process while waiting for the valuation to shorten the timescale.

The valuation was received on 10 December and despite extra challenges arising with the valuation and further approval steps required, the deal completed on time.

Sirius Property Finance managing director Nicholas Christofi (pictured) said it was an example of what was possible when everybody in the process pulls together.

“The complex nature of the transaction and challenging timeline were overcome thanks to the hard work and ingenuity of the team at Shawbrook and Charlotte Stanford, one of our debt advisers at Sirius, who led this case and was key in driving it across the line.”

Shawbrook Property Finance head of sales Gavin Seaholme added that communication was vital.

“Teamwork is the word here. This was a complex case with tight timescales, so it was vital that all parties involved pulled together to get the desired outcome for our customer,” he said.

“Everyone involved knew exactly what to do and how to respond to the challenges to get the job done, delivering a great outcome for the customer.”

 

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