Mackenzie Byrne and MSP Capital complete £600k development loan
By Bridging Loan Directory
Development finance brokerage Mackenzie Byrne and lender MSP Capital have completed a £608,490 development loan.
The 68% LTGDV facility will fund the development of a detached family home in the London Borough of Lewisham.
The loan will fully cover Mackenzie Byrne’s client’s build costs while also contributing towards acquisition costs.
Arian Manouchehri, Head of Sales and Originations and Senior Underwriter at MSP Capital, said:
“It’s always very rewarding to overcome challenges presented in the due diligence process and provide a solution that works for the client.
It has been a pleasure to work with Dominic at Mackenzie Byrne and would be great to continue this relationship going forward.
We look forward to supporting the borrower through the next phase of their journey.”
Dominic O’Leary, Director, Development & Structured Finance at Mackenzie Byrne, said:
“It was great to complete our first deal with MSP Capital who showed flexibility when the monitoring surveyor increased the build costs, increasing their loan to cover this and taking a second charge over another of the client’s properties.
Hopefully, the first of many deals together”.
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