The principal bridging and development lender launched its finish and exit product at the start of last year in response to developer demand.
Avamore estimated that around 22% of its 2019 loan book consisted of projects which required funding part way through the build.
The lender — which closed its largest deal to date in 2019 — saw a significant increase in the growth of its loan book after securing its second institutional funding line in March 2019.
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November 2019 was its most successful month ever in terms of the volume of deals completed.
“We exceeded our expectations and have grown carefully and sustainably,” said Amit Majithia, principal at Avamore (pictured above).
“We were delighted to bring a range of innovative and market-leading products to the 2019 market and, as a result, were able to work alongside a wider proportion of the broker market.”
Amit highlighted that its team expansion had been “paramount” to ensuring the success of the business.
“Undoubtedly, 2019 was a challenging year in terms of political and market sentiment,” he added.
“However, we have ensured that our underwriting standards have remained consistent; we are, therefore, confident moving into 2020 that we have a stable loan book behind us and can meet our 2020 targets.”