Avamore Capital secures additional institutional funding line
Avamore Capital is delighted to have secured its second institutional funding line. The introduction has allowed the lender to offer 6.5% p.a. on conversion schemes and, since closing the agreement at the end of Q1 2019, it has completed a number of transactions at the new rate.
Avamore’s first 6.5% p.a. transaction was closed in April on a two-storey detached building in Wembley Park which the developer is converting into 8 self-contained flats. The loan was c.£1.7m with an LTGDV of 65%. Other highlights include a £500K deal on the conversion of an ex-pub into 10 residential flats and 1 retail unit in Luton and, a £2.2m facility with a repeat borrower in Tonbridge.
The introduction of new funding lines has allowed Avamore to offer rates in-line with leading challenger banks. Crucially, it continues to also stand-by its service driven promise and remains responsive and personable with a flexible approach. Borrowers and brokers have direct access to decision makers and the approach Avamore takes to transactions remains commercial and transparent.
The borrower on the first 6.5% p.a. transaction, Matthew Jordan, supported this sentiment and commented:
“We have found Avamore to be very competitive for development finance. The pricing on the loan has been appealing, but their competitive nature has not ended there. The team has been speedy, very communicative, and acted fast to get the completion over the line within 4 weeks. In all a very positive experience.”
Zuhair Mirza, pictured, Principal at Avamore commented:
“We are proud to have secured our second institutional funding line which has enabled us to offer 6.5% p.a. on conversion schemes. Over the last 12-months we have passed significant landmarks including obtaining our first ever institutional funding line, launching a market leading product (Finish & Exit) and passing £100m of lending. It is important to us what we remain true to our initial values and so, we continue to be transparent, responsive and predictable providing the service expected of a small specialist lender but now, we have market leading rates to accompany that. We wanted to pilot the new conversion product in the market before announcing the lower rate. We are excited to now make this public announcement and look forward to supporting brokers and borrowers in their conversion projects.”
Avamore is now pleased to offer rates from 6.5% p.a. on conversion schemes to the whole market and looks forward to working on new transactions.