Avamore provides £270,000 bridge for property refinance

Avamore provides £270,000 bridge for property refinance

Avamore Capital has completed a £270,000 bridging loan to help a client refinance a property in Stratford-upon-Avon.

The property is a three-bedroom bungalow, with planning consent for the demolition and construction of a four-bedroom detached property, with an additional 1,231 sq ft of living space.

This will increase the overall floor area to 3,126 sq ft.

The client needed to refinance the property while they secured revised planning permissions.

The LTV on the deal was 65.7% gross and 64.3% net.

Once the planning permission is granted, the client will need development finance at a later stage.

The borrower was introduced to Avamore by Gary Ellis at Positive Commercial Finance.

Michael Dean, principal at Avamore Capital, said: “We are thrilled to have closed our first deal with Gary, who is an excellent broker and has been great to work with throughout this process.

“We are looking forward to building our relationship with him and assisting his clients in any way we can.

“Avamore [is] pleased to be working with the borrowers on their first ground-up development, we feel confident [regarding] the potential demand from local buyers and are looking forward to working with the developer on future schemes.”

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