Atelier and Mackenzie Byrne complete £1.6m loan for Berkshire development
By Kit Million-Ross
Development lender Atelier and broker Mackenzie Byrne have completed a £1.6m loan for a three-home development in Maidenhead, Berkshire.
Atelier provided a 70% LTGDV facility to fund 100% of the build cost and more than half of acquisition costs.
Mackenzie Byrne then sourced investor equity that, combined with Atelier’s facility, covered 97% of the client’s total costs.
Rav Kudhail, lending manager at Atelier, commented: “At Atelier we pride ourselves not just on the precision and suitability of the finance we provide, but also on the strength of the relationships we form with developers and intermediaries.
“Collaboration, partnership, and respect underpin those relationships, and all three came to the fore as we worked successfully with Mackenzie Byrne to help a local developer build three much-needed new homes in Maidenhead.
“This was the first facility we financed together, and it won’t be the last.”
Joshua O’Leary, director of development and structured finance at Mackenzie Byrne, added: “Working with Atelier has been an excellent experience.
“One challenge with this deal was its length: it took about seven months to complete, due to the vendor having chain issues.
“Atelier showed patience and tenacity to get the deal over the line.”
Published by Development Finance Today, 25th October 2022