Mackenzie Byrne and Paragon complete £6m development loan
By Bridging Loan Directory
Finance brokerage Mackenzie Byrne and lender Paragon Development Finance (PDF) have completed a £6.1m senior loan to fund a client’s development in Sevenoaks, Kent.
The £9.35m GDV development will consist of 7 new build houses and a converted water tower.
At 65% LTGDV, Paragon’s loan will cover the client’s build costs in full.
The remaining project costs are being covered in full by a £1,525,000 investment from an equity provider, sourced by Mackenzie Byrne.
Steve Mountain, Senior Relationship Director at PDF, said:
“It’s good to complete another transaction with this strong repeat client and great to be working with a valued introductory partner again.”
Sean O’Leary, Founder at Mackenzie Byrne, said:
“It was a great pleasure to complete another transaction for a long-standing client, working closely with Steve Mountain and the Paragon team”.
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