Development finance brokerage Mackenzie Byrne has completed three development finance loans – totalling £8.85m – in three weeks.
The three facilities – from Zorin, Fiduciam, and Beaumont Finance – have ensured that Mackenzie Byrne’s clients can keep building houses in an era of rising rates and market uncertainty.
Zorin’s loan, stretch-senior debt of £3.2m for a 10-house development in Tongham, Surrey, completed in mid-February.
The following week, Beaumont’s loan completed: stretch-senior debt of £4.35m for four houses in Ascot, Berkshire. And on the last day of the month, Fiduciam’s development exit loan of £1.3m for two houses in Reigate, Surrey, also completed.
Joshua O’Leary, director of development & structured finance at Mackenzie Byrne, said: “This has been a record-breaking start to the year for us.
“Like many in the industry, we were a bit wary after Christmas – would continuing rate rises suppress demand and make projects unviable?
“But having had such a good February, we know there are deals to be done.”
Jake O’Leary, director of communications & sustainable finance, said: “While we serve clients nationally, these loans show the strength of our presence in the Berkshire/Surrey/South London area.
“One of these deals was for a new client, while the other two were for a long-term one.
“We thus continue to build and nurture our client base, using our experience in, and knowledge of, this part of the South East.”
