Development finance brokerage Mackenzie Byrne and lender Fiduciam have completed a £2,614,000 loan to refinance six newbuild houses in Coulsdon, Surrey.
Mackenzie Byrne’s client had come to end of their loan term with their original lender and sold two houses of their eight-house development.
The client needed to refinance, to pay back their lender and give themselves more time to sell the remaining units.
Fiduciam provided a 65% LTV exit facility at 11.04% p.a. With a twelve-month term, the exit loan will provide the client with time to sell the six houses in challenging market conditions.
Sean O’Leary, Founder at Mackenzie Byrne, said:
“We were pleased to complete a second exit refinance transaction with this client and Fiduciam.
In the current market exit finance is a key product enabling developers to move forward.”
Jake McCausland, Head of Development Finance at Fiduciam, said:
“We are pleased to complete a new facility for a valued repeat client in a market where development exits are paramount.”
Published by The Bridging Loan Directory on 29th September 2023