Avamore Capital reaches £100m lending milestone
Avamore Capital has announced that it has passed the landmark of £100m worth of lending. The latest loan which saw Avamore reach this mark was a c.£2.2m development facility in Sittingbourne.
Since January 2016, Avamore has seen a number of positive developments to support its growth. Noticeable highlights for the lender include the completion of its largest loan at its lowest ever rate (c.£6.3m at 0.59% p.m.) and being the first lender in the market to successfully launch the Finish & Exit product. Furthermore, Avamore has grown its original team of 3 to 12, expanding the asset management, underwriting and credit teams to ensure that it delivers on service driven promises from initial enquiry right through to loan redemption. An addition 4 hires are also in the pipeline across all business areas.
The lender has grown its loan book sustainably, consistently taking a credit focused approach to each and every transaction. Over time, Avamore has carefully developed its capabilities as a lender by expanding its product offering and increasing its average loan size. The lender now plans to accelerate its growth even further and almost double its loan book within 12 months by taking the same commercial approach to transactions and using its experience to become even more dynamic in order to service a greater proportion of the market. Furthermore, Avamore remains committed to providing outstanding customer service and building strong market relationships in order to meet the lending target.
Michael Dean,principal and co-founder of Avamore commented:
“We are absolutely thrilled to have reached this landmark. I would like to take this opportunity to thank the Avamore team for contributing to the growth of this business and also acknowledge the fundamental role all of our broking partners and service providers have played in completing each and every deal. At Avamore we have always recognised that lending is a collaborative process and without our third-party service providers, we could not have reached the point which we are at today. We look forward to deepening and strengthening relationships further in the market and building new connections with those which we have not had the chance to work with yet.”
Zuhair Mirza, principal and co-founder of Avamore commented:
“We are incredibly proud to have reached this significant milestone in our business. We started Avamore Capital as a family-office-backed lender and one of our biggest achievements has been building up a strong and stable loan book which has led us to become an institutionally funded lender. We will always maintain varied funding lines so that we can remain agile and dynamic in today’s market and are excited to see the direction the business will take in the coming years. We are grateful to everyone that has contributed to our success and we hope that Avamore, our clients, broking partners and vendors will go from strength to strength.”