Atelier and Mackenzie Byrne complete £1.6m development loan

By Bridging Loan Directory 21st October 2022

Development finance lender Atelier and broker Mackenzie Byrne have completed on a £1.6m loan to fund the development of three houses in Maidenhead, Berkshire.

Atelier’s and Mackenzie Byrne’s client wanted to reduce their cash commitment, so that they could continue to acquire other sites. As such, the client needed a high leverage facility.

Atelier’s 70% LTGDV facility covered 100% of build costs and more than 50% of acquisition costs. Mackenzie Byrne then sourced investor equity that, combined with Atelier’s facility, covered 97% of the client’s total costs.

Rav Kudhail, Lending Manager at Atelier, commented:

“At Atelier we pride ourselves not just on the precision and suitability of the finance we provide, but also on the strength of the relationships we form with developers and intermediaries.

Collaboration, partnership, and respect underpin those relationships, and all three came to the fore as we worked successfully with Mackenzie Byrne to help a local developer build three much-needed new homes in Maidenhead.

This was the first facility we financed together, and it won’t be the last.”

Joshua O’Leary, Director of Development and Structured Finance at Mackenzie Byrne, said:

“Working with Atelier has been an excellent experience. One challenge with this deal was its length: it took about 7 months to complete, due to the vendor having chain issues.

Atelier showed patience and tenacity to get the deal over the line.”