The specialist lender has recently completed its sixth deal for the borrower, Miheer Mehta (Sterling Rose), a residential bridging loan worth around £1.3m at 43.9% LTV.
For this particular deal — a project with an estimated GDV of £4.22m — Avamore kept in close contact with Miheer throughout the early stages of lockdown and was willing to utilise a valuation that was greater than three months old.
Avamore took comfort in the relationship it shared with the borrower — who was represented by Harold Benjamin Solicitors — and the strength of the borrower’s experience with similar schemes.
The lender — which was represented by Underwood & Co — has also completed over 10 transactions in the area and examines sales data on a daily basis as a part of its credit process.
The other five deals it has completed with Sterling Rose this year included two finish and exit projects, two ground-up developments, and one heavy refurb.
“I have had the pleasure of working with Avamore on a range of schemes this year; this was my sixth deal with them and they have worked tirelessly to meet my expectations every time,” said Miheer.
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“Dealing with decision makers who have a real understanding of my requirements is the reason I choose to work with Avamore repeatedly.”
Avamore’s first 2020 completion with Miheer was a finish and exit scheme in Croydon, totalling £1m.
The development was comprised of six part-complete residential flats which had a GDV of crica £2.2m.
Avamore stepped in when the project was not yet finished, refinanced the scheme from another lender, and provided the funding necessary to complete the development.
With the project being near completion, a monitoring surveyor was only utilised to confirm practical completion.
In early March, prior to the outbreak of Covid-19, Avamore completed its second ground-up scheme with Miheer, issuing a £1.8m loan for 12 months against a former meat market and parking area.
The site is being demolished to allow the build of a mixed-use development, including nine residential apartments, office space and ground-floor retail space, with a LTGDV of 60.2%.
“At Avamore, we are dedicated to supporting our borrowers and completing our sixth scheme with Miheer amid current circumstances is testament to our relationship-driven lending,” added Philip Gould, head of underwriting at Avamore Capital (pictured above).
“We have closed deals with Miheer both prior to the outbreak of coronavirus and now, which has illustrated our ability to navigate around the market’s changing state.
“…We look forward to working with Sterling Rose again in the near future.”