The £4.06m facility will enable Mackenzie Byrne’s client, Mac Group, to build nine new flats in Gipsy Hill, South London, with a GDV of £5.8m.
Zorin Finance is providing senior debt at 70% LTGDV with an annual interest rate of 7.5% over SONIA, while an investor in Mackenzie Byrne’s network is funding the remaining project costs.
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Sean O’Leary, founder of Mackenzie Byrne, said: “Completing any development finance deal in this market is a challenge, let alone a structured deal at 100% LTC.
“I’m very pleased we could achieve this for Mac Group, a valued long-term client with whom we’ve completed multiple deals.”
Mark McElduff, director at Mac Group, said: ‘Once again, we really appreciated Mackenzie Byrne’s assistance on this deal.
“High leverage finance is indispensable to our ambitious plans to grow our development business and build more homes."
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