Sirius partners with Miragon investments to secure £26m development on listed mansion
Sirius Property Finance has partnered with Miragon Investments to secure the completion of a development loan to finance the conversion of a listed mansion with a Gross Development Value (GDV) of £26m.
Sitting in substantial grounds in rural Essex, the Grade 2 listed mansion is being converted into 36 luxury flats. Funding had initially been secured to finance the development, but was withdrawn at a very late stage, after underwriting and valuation, when the original lender pulled out of the deal.
Sirius Property Finance was able to draw upon significant experience and strong relationships to find a new lender able to pick up on the deal where the previous lender had left off, including accepting the valuation report and legal work that had already been carried out, saving the clients time and money.
The result was a significant senior development loan, and at a more competitive rate than originally offered, covering 100% of the budgeted construction costs and fees.
Dhruv Bhatnagar, MD at Miragon Investments, said: “Sirius has 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. 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.”
Robert Heywood, senior associate at Sirius Property Finance, said: “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 Investments, we were able to secure a great result for the client.”