Mackenzie Byrne and Triple Point Private Credit have completed a structured finance deal for a 16-flat development worth £6.1m.
This is the first deal completed between the two companies.
Triple Point is contributing a senior loan of £3,965,000 to cover the developer’s build cost in full, at 65% LTGDV.
Taking total funding up to 97% is equity from an investor in Mackenzie Byrne’s network in combination with a senior loan.
The high leverage of this deal has allowed Mackenzie Byrne’s client to put in the remaining 3%.
The transaction will fund the construction of 16 flats in Epsom, Surrey.
Sean O’Leary, founder of Mackenzie Byrne (pictured above), said: ‘We are delighted to complete this deal for a long-standing and valued repeat client, working with Phil Bird and his colleagues at Triple Point for the first time.
“We’ve no doubt this will be the first of many such transactions for all parties concerned.”
Philip Bird, director of property development finance at Triple Point, added: “It has been a pleasure to work with Mackenzie Byrne and Sean O’Leary on this transaction and I look forward to seeing the project progress over the coming months.”
Originally published by Development Finance Today, 17th June 2024