Elkin has more than seven years’ experience in the property sector, including five years in property finance.
His previous roles include a seven-year tenure at LSH Commercial Property Consultants, where he joined as a chartered surveyor and was most recently a broker.
At Sirius, Elkin will have the responsibility of advising developers and investors in the private sector and SMEs, focusing primarily on residential development across London, the South East and the North West.
He will also assist the public sector through consultancy across the UK.
Nicholas Christofi, co-founder at Sirius Property Finance, said: “I’m really delighted to welcome Ashley to Sirius. He has a very impressive track record and his background as a surveyor adds an extra perspective and skillset to the Sirius team.
“We have deliberately built a team of advisers who have extensive property experience from a variety of angles, which gives them a deeper understanding of developer and investor needs in addition to just the finance side of things. Ashley is an excellent example of this in action and it’s great to have him on board.”
Elkin added: “I’m delighted to join the fantastic team at Sirius Property Finance. As I was previously a chartered surveyor, I have a good understanding of the wider property market, analysing developments, local rents, sales prices and yields, which can prove invaluable for clients. It also helps when arguing with valuers.
“I genuinely enjoy providing advice to clients who find themselves in difficult situations, whether they have been let down by a lender, a broker or have fallen into hardship. I also take pleasure in structuring high leverage development finance using a combination of senior, stretch senior, mezzanine and equity finance to push a client’s return on equity to astronomical levels. I can’t wait to get started working with clients at Sirius.”
Exclusive development exit solution
The firm also announced it launched a funding line for property developers by gaining exclusive access to a finance solution.
The product is a development exit to term product at 80 per cent loan to value (LTV). Experienced developers can access senior and mezzanine finance at a blended rate of 9.95 per cent. The product has a two per cent completion fee and loans are available on a nine-month term. When that ends, there is a guaranteed term facility up to 75 per cent LTV, with rates starting from 4.45 per cent.
The term part of the product offers loans between £5m and £30m on newly completed schemes but is not available on permitted development schemes.
Sirius did not disclose which lender would be providing the loan when asked by Specialist Lending Solutions.
Christofi said: “At Sirius, we pride ourselves on championing the SME 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.”