Development finance brokerage Mackenzie Byrne has completed three development finance loans \u2013 totalling \u00a38.85m \u2013 in three weeks.<\/p>\n
The three facilities \u2013 from Zorin, Fiduciam, and Beaumont Finance \u2013 have ensured that Mackenzie Byrne\u2019s clients can keep building houses in an era of rising rates and market uncertainty.<\/p>\n
Zorin\u2019s loan, stretch-senior debt of \u00a33.2m for a 10-house development in Tongham, Surrey, completed in mid-February.<\/p>\n
The following week, Beaumont\u2019s loan completed: stretch-senior debt of \u00a34.35m for four houses in Ascot, Berkshire. And on the last day of the month, Fiduciam\u2019s development exit loan of \u00a31.3m for two houses in Reigate, Surrey, also completed.<\/p>\n
Joshua O\u2019Leary, director of development & structured finance at Mackenzie Byrne, said: \u201cThis has been a record-breaking start to the year for us.<\/p>\n
\u201cLike many in the industry, we were a bit wary after Christmas \u2013 would continuing rate rises suppress demand and make projects unviable?<\/p>\n
\u201cBut having had such a good February, we know there are deals to be done.\u201d<\/p>\n
Jake O\u2019Leary, director of communications & sustainable finance, said: \u201cWhile we serve clients nationally, these loans show the strength of our presence in the Berkshire\/Surrey\/South London area.<\/p>\n
\u201cOne of these deals was for a new client, while the other two were for a long-term one.<\/p>\n
\u201cWe thus continue to build and nurture our client base, using our experience in, and knowledge of, this part of the South East.\u201d<\/p>\n