Development finance broker Mackenzie Byrne and lender LendInvest have completed a £455,000 loan to convert a disused barn near Benenden, Kent.
The 65% LTGDV loan, at 80% LTC, will cover the cost of works in full. The rest of the net facility went towards the acquisition of the site.
Mackenzie Byrne’s client, an early-career developer, will use the loan to convert the barn into a three-bedroom family home, surrounded by beautiful Kent countryside.
Joshua O’Leary, Director of Development and Structured Finance at Mackenzie Byrne, said:
‘It’s always satisfying to be able to help a client near the beginning of their career in property development.
I hope this proves to be the first of many deals we will do together.
Steve Larkin, Head of Development Finance at LendInvest, said:
“We have been working with Mackenzie Byrne for a number of years and are always happy to assist with deals of any size for them, as the quality of their business has always been first class”.
Originally published by Bridging Loan Directory, 3rd June 2024