Development finance broker Mackenzie Byrne and senior lender Paragon Development Finance have completed a £7.5m peak debt facility for a new-build scheme in Shropshire.
The client, an established housebuilder in the region, will use the facility to deliver 51 family homes, eight of which will be affordable.
The housebuilder, which secured the 15-month loan at 71.5% LTGDV with a total cost facility of £13m, will also be able to take equity out of the scheme and use it for other projects.
The exit plan will be the sale of the units.
“We are delighted to have completed this first transaction for an impressive and ambitious client,” said Sean O’Leary, founder of Mackenzie Byrne.
Simon Dekker, senior relationship director at Paragon, added: “It’s been great to work with Mackenzie Byrne’s team to facilitate a peak debt facility for a new-to-bank client.
“The new scheme promises to deliver 51 family homes to a picturesque area in Shropshire; we look forward to seeing the completed project and continuing our partnership with Mackenzie Byrne and the client.”
Originally published by Development Finance Today, 14th August 2024