Dragonfly cuts development loan costs

The interest rate has been reduced to 10%pa (from 11%pa), and the exit fee has been reduced to 1% of the loan facility (previously 2%) - both effectively immediately. The changes come shortly after Dragonfly’s announcement that it has hired Emma Burke and Tim Phillips as Development Relationship Managers, and Uliana Kuzmis as a Credit Manager on development finance transactions.

Mark Posniak, Managing Director, Dragonfly Property Finance, commented:

“These competitive updates to our development products, and the creation of a dedicated in-house team to even better support our introducers, underline the massive appetite we have to grow this area of our business. Our goal to significantly boost our development book reinforces Dragonfly’s evolution from a bridging lender to one with a much broader, market-wide remit.”