Avamore Capital joins Bridging Loan Directory
Principal development and bridging lender Avamore Capital has joined the Bridging Loan Directory — a move which will contribute to further exposure in the market.
The lender, operates in southern and central England, with a northern boundary of Manchester, Leeds, York and Harrogate.
Loan sizes range from £400,000 to £5 million, and the lender offers four core products categorised as: Refurbishment (including light, medium and heavy works); Finish & Exit (for part-complete development projects); Residential Bridging; and Ground-up.
The range of products means clients can expect a customer focused approach, through both traditional products or delivering solutions for underserved areas of the bridging and development markets, depending on their needs.
Avamore’s unique selling point comes with the Finish & Exit product, which provides funding for part-complete schemes.
This can mean stepping in if a borrower has faced a cost overrun or unexpected delay and providing funds for the reminder of the project.
The product was launched at the start of 2019 due to Brexit uncertainty causing an increasing number of delays.
Concerns about materials not arriving on time or labour shortages meant project timescales were being pushed out.
That infrastructure also proved helpful when the coronavirus pandemic set in, and in recent months, where some developers are having to wait nearly double their usual timeframes for imports of products such as windows from Europe.
“The product is quite unique mostly because we were the very first people in the market to launch it – and we like to think that, as the pioneers of it, we are market-leading,” says Sabinder Sandhu, Avamore’s head of operations and marketing.
“It’s a really relevant product right now as it’s actually what the market needs to help them move forward, and I think it’s going to stay that way for a long time.”
In 2020 Avamore wasn’t put in a position where it had to stop lending during the pandemic. It still closed deals and put offers out. This meant the business recently reached a new lending milestone of £250 million total loans.
“It’s a big milestone for us, particularly considering the year that we just had,” says Sandhu. “We closed a number of deals in the last quarter, and I think that’s a testament to the strength and the drive of the team we have.”
Philip Gould, principal at Avamore, echoed that sentiment, saying:
“We are really proud to have started 2021 by reaching the milestone of £250 million total loans. Whilst we expect to be navigating COVID driven challenges and the impact of Brexit in the months ahead, we are confident that we can achieve the business growth planned.
“We have an incredibly strong team and completed more loans by number last year than in 2019 which is testament to Avamore’s determination to get deals done for our borrowers and brokers.
“This drive will be reflected across the year which, coupled with our strong range of products means that we are in a good position to make a success of 2021.
“Crucially, it is important that we continue to expand our exposure in the industry and so, platforms like Bridging Loan Directory will be useful in helping us project our voice and deliver our services to more in the market.”
Over the last year, Avamore has also spent time doing operational and process reviews, looking at how it can improve customer service. The result of that was that it adopted Nivo, an instant messaging service that speeds up the “know your customer” communications between borrowers and the lender.
Tony Sanchez, founder, Bridging Loan Directory, said:
“I’m thrilled to welcome a company of Avamore’s quality and standing onto the Bridging Loan Directory, which, in an increasingly crowded market, has become the first choice for specialist finance companies looking to raise their profile and reach a wider audience.
“With their transparent approach to lending, Avamore offer something completely unique in the market and I have no doubt they will appeal to brokers looking for bespoke finance solutions.
“The specialist lending market is gaining momentum by the day as client circumstances become more complex and the way Avamore works is perfectly suited to that kind of environment.”
Lucy Harley-McKeown is a freelance journalist who specialises in business and finance. Her work has appeared in The Wall Street Journal, Yahoo Finance, Newsweek and The Lawyer Magazine. Find her on Twitter @LHM1.