Development finance brokerage Mackenzie Byrne and specialist lender LendInvest have completed a £2,628,862 exit facility to refinance a development of luxury new-build apartments in Hythe, Kent.
Mackenzie Byrne’s client had sold two units in the eight-unit development and needed more time to sell the remaining six.
LendInvest’s loan will repay the scheme’s original lender and provide the client with a new loan term of 12 months.
At 75% loan-to-value (LTV) and with an interest rate of 11.88% per annum, the loan will also provide an equity release, which the client will use to fund new projects.
Steve Larkin, head of development finance at LendInvest, said: “It was great to work with Sean and the team again on this deal.
“From the initial client meeting and site visit, all aspects of the transaction went very smoothly, and we look forward to commencing a new relationship with this mutual client.”
Sean O’Leary, founder at Mackenzie Byrne, added: “It was a pleasure to work on another project with LendInvest, for our long-standing, high quality client.”
Published by The Intermediary on 18th October 2023