Avamore Capital and Adapt Finance team up on £7.15m portfolio refinance

By Bridging Loan Directory 26th January 2023

Avamore Capital has completed a £7.15m refinance bridging loan against a portfolio of properties across the North of England.

This is the second time Avamore has worked with both Adapt Finance and the borrower; in 2022 the lender provided an £11.7m exit bridge to refinance an existing JV partner and acquire 3 separate sites consisting of 197 units.

At the time, the borrower’s original lender pulled out of the transaction, and so, Avamore stepped in, understanding the time sensitive nature of the deal and worked closely with Adapt Finance to progress the transaction at pace.

On the initial loan, Avamore, putting the borrower’s time and cost constraints first, agreed to a re-typed valuation which saved the borrower both time and money.

A ROT had also already been drafted by the previous lender’s solicitor and searches had been conducted; in the interest of time Avamore agreed to work creatively and produce an alternative legal document streamlining processes and leading to quicker completion.

Using this same form of documentation again for the refinance allowed Avamore to complete the transaction a month before term, swiftly putting the borrower’s mind at ease.

The exit strategy for the original loan was for the borrower to sell the three sites by December 2022.

The borrower had sold one of the properties, and although the same buyer was purchasing the remaining two, the process was taking longer than anticipated due to the external complex legal work attached.

Avamore therefore felt comfortable stepping in again to offer a quick solution saving the borrower from going over term.

Jordan McBriar, Adapt Finance commented:

“As with all the deals we complete with Avamore… the highest levels of pragmatism, efficiency and effort were in abundance.

However, what sets this one apart was the Christmas deadline was looming and seemed a lot more guaranteed to arrive before we completed.

We engaged with the team in late November and with the client’s agreement coming in early December, we had only 3 weeks to complete the loan which, down to the Avamore team we managed to close the day before the deadline.

The Avamore team has grown and diversified hugely since our first dealings with them, but their ethos, willingness to partner and love of what they do have never wavered, which is why we can always trust them to deliver with us time and time again.”

D’mitri Zaprzala, Avamore Capital said:

“We pride ourselves on the relationships we have with our borrowers and brokers.

To be able to support them and deliver solutions in the first instance is rewarding enough but when they’re trusting of us to return, that’s how we know we’re doing the right things.

It was a pleasure to work with Adapt again and we look forward to working with them again in the future.”