Avamore Capital has announced the completion of its biggest deal to date, a £7.9m conversion scheme. Avamore first completed a £2.7m bridge with the same borrower to purchase the property in May 2019, and, more recently closed the development facility. The project was a mixed-use PD conversion scheme with additional planning consent for an extra floor with the eventual scheme providing 50 new units. Avamore provided the loan at its market leading rate of 6.5% p.a.
The property is situated in the centre of Camberley in the highly sought-after Surrey Heath Borough and has an extensive choice of local amenities. It is also within walking distance of Camberley train station which provides a direct route into central London with a journey time of one hour.
The borrower was initially under a tight timescale in order to the purchase the property, and the lender was able to assist with the provision of a bridge loan which has now been converted into a full development loan. The lender maintained its consistent level of due diligence and was also incredibly flexible in its approach, dealing with 4 legal teams throughout the process. Furthermore, the borrower wanted to immediately start on the construction stage, so the lender ran its construction due diligence process in parallel. Despite these challenges, Avamore was able to take comfort in the fact that the borrowers had significant previous experience, including large development schemes in various overseas locations, and were incredibly responsive to requests for information.
Nikolay Petkov, pictured, Principal, said:
“We are delighted to have closed our largest ever transaction, the size of this deal highlights Avamore’s ongoing growth which we intend to build upon as we approach the end of the year. We were pleased to have been able to offer our 6.5% p.a. pricing on such a large transaction and by handling complexities and performing well for the borrower and broker we demonstrated our commitment to service excellence. Additionally, it was very impressive to see the broker Karen Raby managing multiple moving parts on the transaction; this, combined with constant and open communication meant that we were able to get the deal completed efficiently despite its challenges and it was a great accomplishment for all parties involved.”
Karen Raby from Hank Zarihs Associates commented:
“It has been great to close another transaction with Avamore Capital. This is the second time we have worked together on the bridge, then development of a scheme and the team have once again proven to be consistent and thorough in their approach. As ever, the deal was not without its challenges but Avamore was dynamic, responsive and extremely flexible in accommodating the needs of the borrower. The borrowers are highly experienced and the fact that they were able to meet with members of the credit committee resonated extremely well with them and provided a great deal of comfort. It is incredibly important for us as a broker that the lender understands that our relationship with each client is different; just as we tailor and adjust our approach to suit the borrower, Avamore mirrors the same sentiment so we feel as though we are truly working as a team to get the transaction over the line.”