Development finance brokerage Mackenzie Byrne and private lender Stamford Finance have completed a £1.04m loan for three self-build plots in Sissinghurst, Kent.
At 65% LTV, the facility covers Mackenzie Byrne’s client’s costs in full, facilitating acquisition of the site and the building of necessary infrastructure.
Two valuations were undertaken: one which assessed the GDV of the three self-build plots; and another which assessed the site’s residual land value, as if it were being sold to a developer.
Although the residual land value came in below the site’s GDV of £1,605,000, one of the plots was already reserved and there was strong interest in the other two from potential buyers.
This gave Stamford Finance comfort and enabled them to take the pragmatic approach of maintaining their leverage at the level initially offered.
The self-build plots will allow three buyers to enjoy luxury homes in the beauty of the Kent countryside.
Peter Beaumont, Director at Stamford Finance, said:
‘We remain keen to support borrowers across the industry offering a bespoke and flexible approach, which Mackenzie Byrne continue to support us with.
In completing this facility, collectively we have managed to offer a secure solution I do not believe could be found elsewhere in the market’.
Dominic O’Leary, Director of Development and Structured Finance at Mackenzie Byrne, said:
‘We’ve completed multiple deals with Stamford now and find them to be very pragmatic and flexible.
Thanks to this approach, our valued client is able to provide three self-builders with beautiful homes in Kent’.
Published by The Bridging Loan Directory on 27th February 2024