Mackenzie Byrne has sourced a £4.06m debt and £750,000 equity deal for a developer client that will cover 100% of project costs.
The £4.06m facility will enable Mackenzie Byrne’s client, Mac Group, to build nine new flats in Gipsy Hill, South London, with a GDV of £5.8m.
Zorin Finance is providing senior debt at 70% LTGDV with an annual interest rate of 7.5% over SONIA, while an investor in Mackenzie Byrne’s network is funding the remaining project costs.
Sean O’Leary, founder of Mackenzie Byrne, said: “Completing any development finance deal in this market is a challenge, let alone a structured deal at 100% LTC.
“I’m very pleased we could achieve this for Mac Group, a valued long-term client with whom we’ve completed multiple deals.”
Mark McElduff, director at Mac Group, said: ‘Once again, we really appreciated Mackenzie Byrne’s assistance on this deal.
“High leverage finance is indispensable to our ambitious plans to grow our development business and build more homes.”
Originally published by Development Finance Today on 4th April 2024