Sirius Property Finance

Sirius offers developers flexibility and security of longer-term finance with exclusive product

Sirius Property Finance has secured exclusive access to a development exit to term product for experienced property developers.

The solution can provide clients with senior and mezzanine finance at up to 80% LTGDV at a blended rate of 9.95%, available on a nine-month term, which includes a 2% completion fee.

At the end of this, there’s a guaranteed term facility available from 4.45% at up to 75% LTGDV.

The solution offers loans from £5m-30m for newly completed projects, although it’s not available on permitted development schemes.

Nicholas Christofi, co-founder of Sirius (pictured above), said: “At Sirius, we pride ourselves on championing the SME developer and were seeing far too many good schemes fail due to slight shortfalls in funds. 

“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.”

Earlier this week, Sirius strengthened its investment team with the appointment of Ashley Elkin as a senior associate.

In his new role, he will provide finance advice to developers and investors in the private sector and SME space, largely focusing on residential development across London, the South East and the North West. 

He will also focus on assisting the public sector through ongoing consultancy across the UK.

Ashley — who has over seven years of experience in the property industry, including five years in property finance — joins Sirius from LSH Commercial Property Consultants, where he worked as a chartered surveyor and head of 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,” commented Ashley.

“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.”

Nicholas added that he was delighted to welcome Ashley to the business, stating that his track record and background as a surveyor would bring an extra perspective and skillset to the company.

“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 the finance side of things. 

“Ashley is an excellent example of this in action and it’s great to have him on board.”

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