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

Half of Gen Z fear their credit score will cost them a home

Almost half of Gen Z adults fear their credit history will hold them back...

TwentyCi appoints Spencer Wyer as chief product officer

TwentyCi has appointed mortgage technology specialist Spencer Wyer as its new chief product officer. Wyer...

Gen H cuts New Build Boost rates

Gen H has reduced rates across its mortgage range for the third time in...

LiveMore launches 2+3-year fixed rate mortgage

LiveMore has launched a new 2+3-year fixed rate mortgage, for customers over forty. The product...

Mortgage industry mental health survey returns for fifth year

The Mortgage Industry Mental Health Charter (MIMHC) has launched its fifth annual Mental Health...

Latest publication

Other news

Half of Gen Z fear their credit score will cost them a home

Almost half of Gen Z adults fear their credit history will hold them back...

TwentyCi appoints Spencer Wyer as chief product officer

TwentyCi has appointed mortgage technology specialist Spencer Wyer as its new chief product officer. Wyer...

Gen H cuts New Build Boost rates

Gen H has reduced rates across its mortgage range for the third time in...