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.”

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