Dragonfly to launch commercial property fund

Published on

Dragonfly Property Finance

Dragonfly Property Finance has recruited Ludo Mackenzie as its new head of commercial property.

Mackenzie was most recently investment partner at Melford Capital Partners, where, in 2009, he helped raise £125m of equity for its Special Situations Fund.

Prior to that, he managed the Henderson UK Property Fund, a investment fund focusing on real estate throughout the UK.

He has joined Dragonfly to create a multi-fund platform for investment in real estate debt. Dragonfly says it will imminently launch a fund focused on short-term lending to commercial property.

The lender says its new fund will support bridging finance for commercial investments located in London and the South of England. It will lend exclusively to entrepreneurial property investors and developers with a proven track record. The fund’s specific focus will be the underlying asset, its vacant possession value and the asset management potential.

Dragonfly expects to hold a first close in the fourth quarter of this year with an initial £30m cornerstone investment. It is initially targeting FUM of £100m–£200m.

Mackenzie said: “We expect investors in the new fund to receive annualised returns on a par with a value-add, direct property fund, but with a superior income yield, greater downside protection and no leverage.”

Jonathan Samuels, CEO, Dragonfly Property Finance, added: “Ludo’s arrival has transformed our ability to take a view on more complex deals and complete them quickly.

“Property investors like dealing with a lending partner that can value the underlying asset, rather than simply seek a minimum level of interest cover, which effectively precludes those deals with short or no income streams.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

First-time buyers face rising stamp duty costs as more homes breach £300k

First-time buyers are increasingly being drawn into paying stamp duty as rising purchase prices...

Word On The Street recruits mortgage operations manager

Specialist mortgage broker Word On The Street has appointed Samuel Bryce as mortgage operations...

L&G Mortgage Club launches specialist lending academy

L&G’s Mortgage Club has launched a Specialist Academy to help advisers support clients with...

Kensington Mortgages appoints two regional BDMs

Kensington Mortgages has appointed two regional business development managers to support brokers across its...

Homeowners use savings and credit to fund essential repairs

Two-thirds of UK homeowners are using savings or investments to pay for essential building...

Latest publication

Other news

First-time buyers face rising stamp duty costs as more homes breach £300k

First-time buyers are increasingly being drawn into paying stamp duty as rising purchase prices...

Word On The Street recruits mortgage operations manager

Specialist mortgage broker Word On The Street has appointed Samuel Bryce as mortgage operations...

L&G Mortgage Club launches specialist lending academy

L&G’s Mortgage Club has launched a Specialist Academy to help advisers support clients with...