Avamore Capital provides £3.6m loan for Sutton development

By Bridging Loan Directory 3rd December 2024

Avamore Capital has completed a £3.6m development loan for a ground-up development of nine flats in Sutton.

The repeat Borrower is experienced, with a number of successful developments completed in the last few years, and has planning is in place to construct 6x 2-bed and 3x 3-bed flats.

The purpose of the loan is to refinance the existing lender and provide 100% of the development costs for the scheme.

This Ground-up loan is offered with an LTGDV of 70% secured against the primary asset in Sutton with 3 additional properties on a loan term of 21 months, with the exit strategy being the sale of all flats.

The loan term gives the developer plenty of time to achieve practical completion and sell all 9 units which are expected to sell fast as they are located in an area of high demand.

Cam Levitt, Relationship Manager, Avamore Capital commented:

“A successful collaboration between us and the broker throughout this fantastic deal achieved the best outcome for the client. Magnificent work from all involved.”