Avamore Capital revamps refurbishment product

By Bridging Loan Directory 1st July 2024

Avamore Capital, a bridging and development lender, has announced a significant improvement to its refurbishment offering.

The company has secured a new funding line with Shawbrook Bank, which has expanded the options within its refurbishment and bridging products.

Borrowers will benefit from a faster application process for refurbishments and allow them to choose from different funding options from the start, including receiving the build costs upfront, at practical completion, or via drawdowns during the project.

These product enhancements eliminate the need for a monitoring surveyor (MS) for refurbishments that do not require planning permission or have no planned structural changes.

Refurbishments requiring structural changes can still be consider on their refurbishment product and still benefiting from a product with no exit fee.

The borrower will enjoy a streamlined application process with the ability to complete transactions within 3-4 weeks as well as saving money on MS fees.

Refurbishment loans from Avamore start at £250k, with build costs available upfront, and rates starting at 7%+BBR at 85% LTV.

The enhancement allows Avamore to provide funding solutions that are perfectly suited to each project, and guaranteed credit approvals within 24 hours.

Adam Butler, Head of Sales & Marketing, Avamore Capital said:

“I am delighted to make further improvements to our product offering, firstly with our much-improved bridging proposition in May and now in June to significantly enhance our refurbishment product, an area Avamore has always been incredibly strong.

With these improvements, we can now offer leverage that is as strong as anyone in the market, at a competitive price and the ability to complete quickly.

More importantly, this now enables us to be a one stop shop for all refurbishment or conversions.

We have always had no restrictions on the size of build costs, SqFt expansion or new build elements.

Now we are able to fund the build facility upfront, at practical completion or in drawdowns giving clients significant savings on fees and interest.

This means Avamore are the go-to lender for all your refurbishment and conversion needs.”