The first transaction involved a high-value, residential unit in central London, which the non-UK resident client wanted to refurbish and sell.
The client had negotiated a purchase price below the open market value and Amicus provided £2.6m against the property purchase price of £3.1m.
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Keith Aldridge, managing director at Amicus Property Finance (pictured above), said: “We are delighted to be working with Sirius and that our experienced team of specialist underwriters can work flexibly and closely with our brokers on more complex deals such as these in the timeframes rightly demanded by the client.”
Sirius and Amicus also worked together to provide £3.7m at 90% loan-to-cost for a large income-producing office acquisition in the same week as the previous deal.
The borrowers were specialists in permitted development office-to-residential conversions and required the finance pending the tenants vacating the premises and development work commencing.
Amicus looked at the projected end value of the development and calculated a residual valuation for the building to increase its day-one advance.
Nicholas Christofi, director of Sirius Property Finance, said: “It is refreshing to work with a lender that takes a commonsense approach to property deals.
“We are in uncertain times in the market at the moment, so it is important to work with a lender that understands the deal and can offer a ‘flexible structure’.”