Development finance brokerage Mackenzie Byrne has completed three development finance loans – totalling £8.85m – in three weeks.
The three facilities – from Zorin, Fiduciam, and Beaumont Finance – have ensured that Mackenzie Byrne’s clients can keep building houses in an era of rising rates and market uncertainty.
Zorin’s loan, stretch-senior debt of £3.2m for a 10-house development in Tongham, Surrey, completed in mid-February.
The following week, Beaumont’s loan completed: stretch-senior debt of £4.35m for four houses in Ascot, Berkshire. And on the last day of the month, Fiduciam’s development exit loan of £1.3m for two houses in Reigate, Surrey, also completed.
Joshua O’Leary, director of development & structured finance at Mackenzie Byrne, said: “This has been a record-breaking start to the year for us.
“Like many in the industry, we were a bit wary after Christmas – would continuing rate rises suppress demand and make projects unviable?
“But having had such a good February, we know there are deals to be done.”
Jake O’Leary, director of communications & sustainable finance, said: “While we serve clients nationally, these loans show the strength of our presence in the Berkshire/Surrey/South London area.
“One of these deals was for a new client, while the other two were for a long-term one.
“We thus continue to build and nurture our client base, using our experience in, and knowledge of, this part of the South East.”
Published by The Intermediary on 30th March 2023