Avamore Capital completes £2.6 million finish and exit loan
Avamore Capital has announced the completion of another Finish & Exit scheme in Hillingdon, West London. Avamore issued a loan of c.£2.6million for a 12-month period to an experienced developer who has completed a number of similar projects in the surrounding area.
The project, which was part completed when Avamore stepped in, comprised of 2x 2 bed-apartments, 4x 3 bed-apartments, a 3-bed lodge and 2x 3 bed semi-detached houses. Despite being new build, the houses will have Grade II Listed status from the previous buildings; the planning required historic timber salvaged from the old barn structure. The project is due to reach practical completion by the end of the year.
The site is a 7-minute drive to London Heathrow Airport and a 25-minute journey to London Paddington and will be ideal for commuters into Central London. Once completed, the units are likely to appeal to first time buyers and also present a good opportunity for property investors.
Avamore worked closely with the broker to overcome time constraints in order to successfully execute on the refinance of the previous lender.
The broker, John Luttrell, commented:
“As usual, the team at Avamore worked around the clock to get this deal initially agreed and subsequently completed in good time. The terms were extremely competitive, and the end result is a very happy client. Big tick in the box and I would be happy to recommend them.”
Chris Treadwell, the deal originator, commented:
“It was great to close another Finish & Exit transaction. By the time we stepped in, the site was wind and watertight which meant that we could take comfort in the strength of the scheme. After John came to us, we quickly got a member of the team out to the site to understand the property’s dynamics; the borrower’s previous experience and attention to detail shone through as those units which have already been completion have all been built to an incredibly high specification. We worked quickly and efficiently to support the development and were delighted to get this deal over the line.”
The £2.6m loan was issued at 8.5% p.a. at 63.9% LTGDV.