Avamore Capital funds £1.1m part complete development loan

By Bridging Loan Directory 12th December 2024

Avamore Capital has announced the successful completion of a £1.1 million part complete development loan aimed at finalising the construction of four identical two-bedroom properties on a development site in Gloucestershire.

The project features four partly constructed properties, each thoughtfully designed to be arranged over three floors.

To date, the developer has been self-funding the construction, with a strategic plan to transition into financing for the remaining work.

The introduction of funding has been instrumental in helping the developer move forward.

The loan, capped at 65% of the loan-to-gross development value (LTGDV), is structured over an 18-month term.

With only nine months to complete the construction, this timeline ensures the developer has ample opportunity to finalize the project within the agreed timeframe.

Adam Butler, Director of Sales and Marketing, Avamore Capital, commented:

“I am really pleased we could help the borrowers finish what is going to be a fantastic site.

This is yet another example of how Avamore’s expertise in part complete developments enables borrowers to overcome the challenges they have faced in the recent market as well as our dedication to finding solutions at every turn.

This was a real team effort, and we couldn’t have got there without the essential work our key partner broker provided throughout the transaction.”