The firm said the funding line would allow it to triple its maximum loan size from £5m to £15m and will help support its ambition to treble its lending volumes this year.
Zenzic Development Finance is the recently rebranded residential development finance arm of Zenzic Capital.
The development finance arm focuses on residential-led schemes and provides SME housebuilders and developers up to 75% loan to gross development value (GDV) and 90% loan to cost Stretch Senior Development Finance and up to 85% loan to GDV and 90% loan to cost mezzanine finance.
Nadine Buckland, co-founder and CEO of Zenzic Capital, said: “This new funding line will allow the newly rebranded ZDF team to accelerate its lending volumes and tap into the significant demand from SME housebuilders and developers for financing in a challenging macroeconomic environment. The UK is relying on these businesses to address the country’s acute housing shortage and we take our role in supporting them very seriously.
“Cynergy is one of the UK’s leading challenger banks, and in them, we have a like-minded capital partner that we look forward to working with in financing the best counterparties and schemes across the UK.”
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Simon Brown, head of lending at Zenzic Capital, commented: “We are one of the few lenders currently offering Stretch Senior Development Financing and this funding line allows us to write more loans than ever before, as well as unlocking larger ticket opportunities. We have ambitious growth targets for 2025 and look forward to utilising our increased lending capacity to help SME clients across the UK deliver high-quality housing projects.”
Mike Knox, executive director at Cynergy Bank, added: “We are delighted to be supporting Zenzic Development Finance with this new funding line. The team has an impressive track record and a clear vision for the future, and we’re excited to be part of their continued growth.”
