Avamore Capital completes £700k development finance loan
Avamore Capital has closed a c.£700K development facility in Waterstock, Oxfordshire. This is the 8th deal which has been introduced to Avamore by Daniel Broadhead, Director, Articulate Capital and it is the second time Avamore has lent to the borrowers, James Fox and Doug James.
The transaction reflects Avamore’s commitment to relationship focused lending.
James Fox commented:
“We chose Avamore for this transaction as we knew the organisation and the team within it well. Avamore has always been methodical, pragmatic and thorough and we felt they suited us best on this project. As with any project there were obstacles to overcome in the procurement process but Avamore supported us getting closure on all these points and we successfully completed on the project on time. Massive thanks to Michael, Nick, Amit and Chloe for their help and support thus far and we look forward to building on our already strong relationship with Avamore and delivering two incredible properties.”
The funds will be put towards the construction of 2 x 2-bedroom detached houses which are expected to attract strong demand from young families. The properties are located just 25-minutes from Oxford and the local train station provides links directly to London in under 1 hour. The expected GDV of the properties is c.£1m.
Avamore took a commercial approach to completing the transaction and the broker, Daniel Broadhead commented: “It was a pleasure to work alongside Avamore once again. As ever when called up on to do so, the company took an all hands-on deck approach to get this deal over the line. We look forward to executing on many more deals with this lender in the future.”
Nikolay Petkov, Principal at Avamore added:
“We are delighted to have closed another transaction with James, Doug and Daniel. We truly value relationships and are always pleased to work with borrowers and brokers which we have dealt with before. We understood the time pressure which James was under and so, we took a dynamic approach and worked around challenges in order to be able to successfully perform once again. We look forward to seeing the completed project and working with both Daniel and James on future transactions.”