Greg Tarn

Sirius sources £7.47m funding from Aldermore and Iron Bridge for PD scheme

Sirius Property Finance has sourced £7.47m of joint funding from Aldermore and Iron Bridge Finance for a £14m GDV permitted development scheme in Sutton Coldfield, Birmingham.

Aldermore provided senior debt totalling £6.12m, while Iron Bridge provided £1.35m of mezzanine finance to Brickmort Developments for the refinance and development of the site.

“This was a very complex deal for a client with whom we have worked for more than five years,” said Nicholas Christofi, co-founder of Sirius.

“The property was tenanted by a global company and so we needed to make sure we worked with the most appropriate lenders, with expertise around the potential legal risks.

“Using a combination of both Aldermore and Iron Bridge, we were able to deliver a very attractive debt package for the borrowers to enable them to carry out the development of a key site in Sutton Coldfield.”

Greg Tarn, associate director of credit at Iron Bridge (pictured above), added: “Closing this deal with like-minded partners was immensely satisfying and we are delighted to [be] able [to] support this scheme.”

Keir Morris, property development manager at Aldermore, concluded: “Thanks to the collaborative approach of all parties — including Sirius, Iron Bridge and our legal advisers — we were able to get our client the funding they were looking for.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the DFT mailing list, I will receive relevant news and promotional material via DFT on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment