Avamore Capital has closed a £2.67m development deal in Market Deeping. Avamore lent on a scheme which is comprised of 4 separate blocks, 2 of which have already been completed. The funder worked closely with experienced developers to structure a loan which accommodated the refinance of an existing lender and the additional development facility for the remaining build.
One of the borrowers, Mike Greene commented:
“Avamore was a pleasure to work with throughout the entire transaction, the team was extremely professional, personable and responsive. The scheme was an unusual one and I think few lenders would have taken the innovative approach which Avamore did. I was grateful for the flexibility they gave me throughout the process and appreciated their clear communication and transparency. I look forward to doing more deals with Avamore.”
The completed project has an expected GDV of £4,185,000 and the loan has been issued for 12-months. The completed blocks are comprised of 18, 1 and 2-bedroom apartments and the development facility will be put towards the build of an additional 11 apartments. The finished product will be an attractive purpose-built scheme with natural stone facades and excellent transport links nearby; the properties will appeal to people working in Peterborough, Cambridge or London.
The borrowers, which have completed similar schemes in the surrounding area and are currently overseeing a significant development in Cambridge were introduced by Pilot Fish. This is the second transaction which Avamore has closed with the broker in four weeks and it is testimony to the lender’s relationship focused approach.
Richard Jones Managing Director at Pilot Fish commented:
“When we were presented with the requirements from Mike Greene, we knew that we needed a flexible, innovative lender that would consider refinancing a part completed development. Avamore were the perfect fit and demonstrated again that they could complete a transaction in a professional, pragmatic and fast way.”
Zuhair Mirza, pictured, principal at Avamore added:
“It was great to work on this deal with Pilot Fish, I am delighted that we have consolidated our relationship through closing two strong transactions in such a short time frame. Richard and the team are a pleasure to work with and we greatly valued their input throughout the entire process. The developers are highly experienced and we are looking forward to working with them and similar borrowers on future schemes. This ‘hybrid’ transaction also highlights our ability to assess unique cases in-house and to structure deals to work around the borrower. We will always do everything we can to get a deal over the line if it is supported by the credit team.”