Philip Gould

Avamore completes commercial bridging loan in east London

Avamore Capital has closed a £305,000 commercial bridging loan in east London that will provide an equity release for the borrower.

The project is a vacant four-storey Grade II-listed building that is being designated for office use and has a gross LTV of 69.1% and a market value of £442,000.

The property is located within half a mile of the city of London, an eight-minute walk to Whitechapel Station and a 14-minute drive to London City Airport.

Philip Gould, head of underwriting at Avamore (pictured above), conducted a meeting with the borrower via video call; a new process which Avamore has had to adopt since the outbreak of Covid-19.
Mohit Chopra, the borrower, said: "Despite working amid these challenging times, Avamore Capital took a practical approach to progressing the loan to completion. 

“The team prioritised communication and they were clear about what terms we would be offered from the outset of the transaction. 

“I was able to get in contact with various members of the team, despite everyone working from home, and this not only made the process run smoothly, but it also helped us overcome challenges that we encountered with the valuation. 

“We have now worked together on a number of transactions and, overall, I was satisfied with its service.”
Philip added: “We were incredibly delighted to get this deal over the line, especially during such unprecedented times in the market. 

“We were aware of the legal intricacies we were likely to face due to the Covid-19 crisis.

“However, as always, we remained responsive and transparent in our approach and we are delighted to have delivered for the broker and the borrower.”

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