The two-year acquisition bridge was packaged by Kit Thompson at Brightstar after it was introduced by Tony Ibson of Simply New Build, a provider of niche lending solutions for clients in the UK.

Dragonfly was able to boost the LTV to 68% along with lowering the interest rate burden by recognising that 15 of the units had already been exchanged allowing the client to structure the debt even more aggressively.

Mark Posniak, managing director at Dragonfly, praised the work of Tony and Kit as they had done a lot of the required hard work before the deal had been presented to Dragonfly.

“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.”

Meanwhile, Tony said he had known Mark and the Dragonfly team for a number of years and when the client approached him, Dragonfly was always going to be the first port of call.

“We initially spoke to them about potentially financing the acquisition in March and, against [the] 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.”

Kit also praised Dragonfly, adding: “For big and bespoke loans, Dragonfly, with [its] considerable financial strength and experience, [is] always one of the go-to lenders. 

“When they say ‘yes’, they really do mean yes and that’s invaluable in this kind of uncertain market environment.”