Avamore Capital lends £25m over 16 deals for experienced borrower
Avamore Capital has lent £25m over 16 deals for an experienced borrower client.
This comes as part of a string of three deals completed within the past month.
The South London property developer has been a longstanding client of Avamore Capital’s after first working with them in January 2020.
Since then, Avamore has supported the prolific developer across 16 transactions, providing £25m of funding to deliver £40m of residential property.
Most recently, they approached the lender with the need for a £479,258 bridge against an unencumbered, vacant 4-bedroom detached house in Purley.
They were looking to purchase a further development site and needed funds quickly as they were facing a tight completion date.
Avamore, understanding the time pressure that the borrower was under, reacted quickly and utilised their ‘Better Bridging’ offering. and comfortably completed the transaction in under a week.
From the quick release of funds, the developer was then able to purchase their next site; a 4,500 sq.ft. retail property in South Norwood, before the deadline.
With plans to demolish the existing building and erect a three-storey property in its place, the borrower returned to Avamore requesting a £1,194,034 loan to begin construction, a facility which Avamore completed on in under a month.
The site benefitted from approved planning permission to create six apartments on the upper floors with the ground floor remaining a commercial space.
Concurrently, Avamore provided an additional loan of £1,30,844, against a derelict commercial building requiring a heavy refurbishment.
Planning was granted the same day as completion to convert the building into six self-contained flats demonstrating Avamore’s flexibility and commitment to align with the needs of its customers.
Renzo Vigliotti, Asset Management Associate, Avamore Capital commented:
“Having been working with this developer for the past 3 years, it’s extremely rewarding to complete a further 3 transactions with them.
We’ve always been a business that thrives on maintaining a high level of trust and respect with our clients and to know that we continue to offer support in ways that best suit them, enough so that they keep returning to us, validates that we’re doing the right things.
Having already constructed several properties in South London, the borrower is showing no signs of slowing down and we’re sure that we will continue to be there for each project in the future.”