Avamore Capital posts record breaking 2019

By Bridging Loan Directory 9th January 2020

2019 was a record breaking year for Avamore Capital. Across 12 months, the lender crossed a number of milestones which included doubling its lending total from 2018, launching the Finish & Exit product and closing its largest deal to date.

The lender’s growth was supported by internal expansion across the entire team. Notably, Chris Treadwell moved from his Analyst role to be the first member of Avamore’s Origination Team and was later joined by Andreas Yianni in September 2019. Additionally, Philip Gould joined Avamore as Senior Underwriter in March 2019 working alongside Avamore Principal, Amit Majithia, and was later followed by Dyan Letts in October 2019. Following strategic hires, the company both doubled its lending total between 2018-2019 after also crossing £100 million lending in April 2019.

2019 also saw Avamore as the first lender in the market to launch the Finish & Exit product. After introducing it at the start of year as a direct response to an evolving developer need, c.22% of the 2019 loan book was made up of projects which required funding part way through the build.

Furthermore, Avamore saw a significant increase in the growth of its loan book after securing its second institutional funding line in March 2019. This partnership enabled it to shift its position in the market with a 6.5% p.a. fixed rate on conversions and developer exits. Under this new pricing, it was able to close its largest deal to date in 2019. Avamore issued a £7.9 million loan against an office to residential conversion in Camberley, Surrey and following this transaction, November 2019 was Avamore’s most successful month ever with the largest volume of deals completed.

Amit Majitha, Principal, commented:

“2019 was a fantastic year for the Avamore team. We exceeded our expectations and have grown carefully and sustainably. We were delighted to bring a range of innovative and market leading products to the 2019 market and as a result were able to work alongside a wider proportion of the broker market. The team expansion has been paramount in ensuring the success of the business however, we have been very careful around our hires, managing to double lending volumes whilst only growing the team by 33% across the year. Undoubtedly, 2019 was a challenging year in terms of political and market sentiment however, we have ensured that our Underwriting standards have remained consistent; we are therefore confident moving into 2020 that we have a stable loan book behind us and can meet our 2020 targets.”

2019 was a significant year for Avamore Capital and the lender plans to continue on its upward trajectory in 2020. With a strong pipeline of deals being processed and plans in place for further team expansion in Q1, 2020 is expected to be another successful year for Avamore.