Avamore Capital completes £1m development loan

By Bridging Loan Directory 13th June 2024

Avamore Capital has provided a £1m development loan to refurbish and extend an existing property in Tunbridge Wells, Kent.

The detached building, originally a stable and current dwelling, consists of two bedrooms and has received planning permission to begin the works.

The borrower, an experienced developer and business owner, intends to fully refurbish the existing property and add a two-storey extension to create a five-bedroom detached house.

The borrower has completed several previous developments, one scheme being adjacent to the property to be completed with the new loan.

Tunbridge Wells benefits from high levels of demand and liquidity, which will be advantageous for the borrower who plans to sell the property privately upon completion of the project.

Based on the borrower’s background and experience, Avamore was pleased to provide the loan for the new project and looks forward to seeing the finished refurbishment.

Avamore remains committed to being commercial and solution-driven to facilitate projects like this one.

Cameron Linnell, Relationship Manager, Avamore Capital, said:

‘Delighted to get this one over the line, for a client who was a breath of fresh air to deal with and scheme that will be fantastic once complete.

All credit to our underwriter, Rohan Dhaliwal, who showed a proactive approach throughout and to the broker, who is always a pleasure to deal with.

I’m looking forward to meeting both client and broker again on site in the not-too-distant future, to see the progress and discuss their future plans.’