Avamore completes double bridging loan deal
Dyan Letts

Avamore completes double bridging loan deal

Avamore Capital has completed two bridging loans for properties in north London totalling £690,068 to the same developer.

One of the properties is an end terraced house with garage space.

The developer is seeking planning permission to replace the existing property with new build residential flats.

The loan was issued at a rate of 6.5% per annum at 59.87% LTV.

The other property is a vacant mid-terrace building which has planning to be refurbished and extended to form three self-contained flats.

Both deals needed to be completed on the same day so the borrower could pay the existing lender.

In order to complete, Avamore accepted video tours of the two properties to replace a physical visit during its credit analysis process.

The lender also secured mezzanine funding from two different providers to sit behind each of the senior loans.

Dyan Letts, senior underwriter at Avamore (pictured above), said: “We understand how much our borrower and brokers value transparency and reliability and it’s an ethos that Avamore is built on.

“Given our current circumstances, we know that communication is now more important than ever, and I believe that completing two deals side-by-side in conjunction with mezzanine lenders is testimony to us placing borrowers’ needs at the forefront of our approach. 

“We are delighted to have delivered for the borrower and the broker.”

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