Zorin Finance, the alternative property lending specialist, announces that it has completed a £48 million refinance with Manchester-based MCR Property Group.
The refinancing is a three-year facility with the option to extend. The transaction represents a strategic financial move for MCR Property Group, providing enhanced liquidity and unlocking further growth opportunities, allowing the company to continue in its commitment to delivering high-quality real estate projects, while reinforcing its leading position in the market.
David Tracey, COO of MCR Property Group commented: “In an uncertain market place, we need to be incredibly thoughtful and strategic in our approach to borrowing, consolidating debt and freeing up cash, which will allow us to continue to build our portfolio in line with our long term strategy.
“The size and terms of this deal highlights the strength of our position in the marketplace and the confidence in us from Zorin, a long established and reputable finance company.”
The refinance deal is secured against a number of properties within MCR’s portfolio, including two student accommodation schemes in Liverpool, phase two of a residential development in Luton and two industrial business parks in Northamptonshire and Nottinghamshire.
David continued: “We are thrilled to have successfully secured this loan through the support of Zorin Finance and look forward to further building our relationship with them throughout and beyond the terms of the deal.”
Alexander Banbury, Lending Director at Zorin Finance commented “It has been a pleasure working with MCR Property Group. We look forward to supporting them on this transaction and to building our relationship with the Group over the next few years.”