Mackenzie Byrne and Invest and Fund complete £2m loan for Kent housing scheme
Finance brokers Mackenzie Byrne and lender Invest and Fund have completed a £2.07m development finance loan for a 9-house residential scheme in Kent.
Aspire Designer Homes is developing the scheme near Rochester, where there is a need for new family homes. The 65% loan LTGDV facility will fund the developer’s build costs in full, as well as a portion of the land costs.
The deal came about after a mutual contact introduced Aspire to Mackenzie Byrne last year. Invest and Fund, who had already completed a deal with Mackenzie Byrne, were enthused by the scheme, offering Aspire the loan at a 6.75% interest rate (over Bank of England base rate).
Neil Richardson, Business Development Director at Invest and Fund, said:
‘It’s always a pleasure working with Mackenzie Byrne on a project, the strong client engagement they develop assists greatly at each stage of a lending proposal from application right through to drawdown.’
Chris Wills, Managing Director at Aspire, said:
‘Although collectively Aspire has a wealth and proven track record of experience, it was invaluable having Mackenzie Byrne on board to promote us to prospective funders, including having the benefit of their in-house experience advising on matters such as company structure to add value to the process beyond just the numbers.’
Joshua O’Leary, Director of Development and Structured Finance at Mackenzie Byrne, said:
‘It’s been nearly a year since we first met the Aspire Designer Homes Directors and we’ve been working closely together throughout that time.
Getting the first deal done can be tough but Aspire MD Chris Wills’ meticulous attention to detail made the process smooth.
This is the second deal we’ve completed with Invest and Fund and I continue to be impressed by their service. Neil Richardson worked hard to overcome obstacles and kept us in the loop throughout.
I’ve no doubt there will be more deals for us to do with both Aspire and Invest and Fund in the near future.’
Published in The Bridging Loan Directory, 18th July 2022