Avamore Capital closed 2018 with its most successful week and month to date. The total loan count for the year was also Avamore’s largest ever, with a c.35% increase on its 2017 volumes. In addition, Avamore’s average loan size rose by over 50% from 2017 to 2018. Avamore’s success continued through to the very end of 2018 with the lender completing four deals in two days totalling c.£9m in the week before Christmas; these transactions ranged from Avamore’s niche ‘finish and exit product’ for nearly completed schemes to PD conversions and new build facilities in London, the south of England and the East Midlands.
Avamore’s record year has put it in good stead to meet its ambitious lending target for 2019. With a strong pipeline in Q1 2019, Avamore is hopeful that despite market uncertainty, it will be able to service those looking to push forward with projects across the year. Crucially, with the market calling for greater product flexibility, Avamore is confident that it will be able to stand out amongst its competitors through the acceleration of its ‘finish and exit’ sub-product. The lender also has plans to put greater focus on conversion schemes in 2019 and will offer rates from 6.5% p.a.
Principal, Nikolay Petkov, pictured, commented:
“Avamore is thrilled to have closed 2018 on such a positive note. It’s been an incredible year from closing our largest deal at our lowest rate to finishing the year with our most successful week ever. As we head into 2019 the relationships we hold are more important than ever and we are looking forward to deepening and widening our partnerships. In addition, we will continue to maintain our high service standards in order to help deals progress and close as efficiently as possible. This, combined with prudent underwriting and a selective approach to transactions will help us meet our 2019 lending target of £100m and £150m in 2020”.
2018 was a hugely successful year for the lender. After securing institutional funding in June 2018, Avamore was able to make significant steps forward by defining its product offering and decreasing its rates to support transactions priced as low as 0.59% p.c.m. 2018 was a year for Avamore to establish a clear position in the market and it aims to consistently grow and work with more developers and brokers in 2019. The lender hopes that 2019 holds similar success and is confident that its prudent approach and innovative mindset will carry it through the uncertain market which lies ahead.