Avamore Capital extends loan reach with regional coverage
Avamore Capital has completed a number of loans which are reflective of its broader regional coverage, after officially expanding its geographical boundary late last year.
Regional loan highlights include a £1m residential bridge across two properties in Cardiff and Newport, a £775K pre-wind & watertight Finish & Exit in Leicestershire and most recently, two light refurbishments in Manchester.
All deals are reflective of Avamore’s solution driven approach as the team took time to understand the market dynamics of further locations and worked alongside each borrower and broker to deliver the loans.
As Avamore expands its regional coverage, it is also implementing the infrastructure to deliver the same level of high-quality service expected in traditional areas.
Across the majority of these transactions, Avamore found the opportunity to work with new brokers, some based in their respective regions.
The deals therefore required close working relationships as Avamore relied on expertise from the partnership to initially demonstrate the strength of the scheme.
As regional coverage grows, it will continue to be incredibly important for all members of the Avamore team to create deep and trusting relationships with key broker partners in order to effectively support the market.
Avamore is also committed to building strong links with regional service providers to ensure that upfront case assessment is accurate, and on-going project monitoring is effectively handled.
To this end, Avamore is soon to announce a new regional BDM hire and, Principal, Philip Gould is now based in Sheffield, away from Avamore’s London office which ensures senior support over transactions particularly in northern regions.
The commitment to regional expansion is demonstrated by Avamore’s dynamic approach to these initial transactions. For the recent Manchester loans in particular, Avamore remained determined to get the deals done.
On one transaction, the first valuation was not reflective of the true potential of the scheme and therefore, Avamore Analysts took the time to investigate comparables themselves; understanding the true strength of the scheme, Avamore accepted a second valuation being instructed outside of its normal panel so the deal could proceed.
Philip Gould, Principal, Avamore Capital, commented:
“Avamore’s growth into new regions comes at a particularly interesting time. 2021 has been a positive year so far and it has allowed us to build new relationships and explore new opportunities.
What these transactions have highlighted is the level of work we do internally as a team to understand the true story behind a deal.
Whilst we will increasingly need to rely on service providers to help us understand new areas and regional pockets, we will always work with our broker partners and ensure that we, as a lender, understand the strength of the scheme in order to get the deal done for the borrower.
We are looking forward to completing many more transactions in new regions over the coming months.”