Development finance brokerage Mackenzie Byrne and specialist lender Shawbrook have completed on a senior debt facility of £2,522,000 to fund a new-build development in Surrey.
At 65% loan-to-gross-development-value (LTGDV), the loan will enable Mackenzie Byrne’s client to build four detached family homes near Newdigate.
In addition to Shawbrook’s senior loan, Mackenzie Byrne also sourced a mezzanine loan to £192,500 from a trusted provider, taking total funding to 70% LTGDV.
Charles Spence, relationship director at Shawbrook, said: “Delighted to be supporting a new to bank client on a great scheme in Surrey.
“Thank you to Mackenzie Bryne for the introduction and your efforts to get this across the line.”
Dominic O’Leary, director of development and structured finance at Mackenzie Byrne, said: “It was great to get our first deal done with Shawbrook, who were responsive and pragmatic throughout the process.
“Hopefully the first of many!”
