The lender, which is part of the Octopus group, funded the recently completed development with a two-year bridge at a loan-to-value (LTV) ratio of 68%. It said this was possible because 15 of the units had already exchanged.
Dragonfly managing director Mark Posniak (pictured), said: “By taking into account the fact that a decent chunk of the units had already been sold we were then able to provide optimal loan terms. A loan of this size, at this LTV, hopefully shows that if the numbers stack up, our appetite to lend remains very strong whatever is happening in the broader economy.”
The bridge was packaged by Brightstar and had been introduced by niche lending specialist Simply New Build.
Simply New Build director Tony Ibson said: “We initially spoke to [Dragonfly] about potentially financing the acquisition in March and, against a backdrop of the EU referendum, I was impressed by the certainty of lending they provided throughout. For my client, the fact that they were then able to offer such competitive terms by really drilling down into the details of the loan was the icing on the cake.”
Brightstar Financial head of bridging Kit Thompson, added: “When they [Dragonfly] say yes, they really do mean yes and that’s invaluable in this kind of uncertain market environment.”
Dragonfly launched in 2009 and has recently passed the £2bn lending benchmark after funding more than 3,700 transactions for both domestic and international investors.