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

More questions now surround the home moving digital journey

The Ministry of Housing, Communities and Local Government (MHCLG) has published its highly anticipated...

Mortgage rates have surged since Brexit vote, says L&C

The cost of borrowing has risen sharply in the decade since the UK voted...

Accord trims rates across residential and buy-to-let ranges

Accord Mortgages is reducing rates across its residential and buy-to-let product ranges for the...

RAW Capital Partners records strongest month for lending completions

Specialist lender RAW Capital Partners achieved a record month for loan completions in May,...

Air warns of interest-only mortgage maturity challenge for older borrowers

Thousands of older homeowners approaching the end of their interest-only mortgage terms may be...

Latest publication

Other news

More questions now surround the home moving digital journey

The Ministry of Housing, Communities and Local Government (MHCLG) has published its highly anticipated...

Mortgage rates have surged since Brexit vote, says L&C

The cost of borrowing has risen sharply in the decade since the UK voted...

Accord trims rates across residential and buy-to-let ranges

Accord Mortgages is reducing rates across its residential and buy-to-let product ranges for the...