Avamore Capital completes 84% net LTPP bridging loan
Avamore Capital, the specialist bridging and development lender, have completed on an 84% net LTPP (Loan to Purchase Price) deal. The property, which is located in Haslemere, Surrey has been purchased for £515,000 with a market value of £650,000.
The property is presently a semi-detached Victorian building, which was originally constructed as a residential dwelling but has been used as offices since 1958, when a change of use was granted. In September 2017, permissions were awarded to convert the property back to a single residential dwelling.
Avamore Capital are delighted to be working together on this development with Mr Warner, an experienced real estate investor who has had seventeen years development experience on similar projects within this area.
Zuhair Mirza, Principal of Avamore Capital said:
“We are extremely pleased that we have been able to assist with the funding of the borrower’s development in Haslemere. Peter (Mr Warner) was a great investor to work with and had a clear vision as to what he wished to achieve. We look forward to working with him on further exciting projects in the future.’’
Peter Warner said:
“I was introduced to Avamore as a reliable source of bridging finance for a property acquisition. The timing was very tight to meet the exchange deadline. The team at Avamore worked closely with both my advisors and myself, they didn’t just hit the deadline but did so with clarity and transparency that gave me confidence throughout the process. I look forward to dealing with them on an ongoing basis. It was an excellent service.”