Avamore provides two bridging loans to same borrower within a month

Avamore Capital has completed two exit bridging loans totalling £1.2m for the same borrower within a month.

The properties, located in Guildford, were Victorian farmhouses, which had been refurbished into three- and four-bedroom semi-detached family homes.

The funds were required to purchase another site, for which the deposit had already been paid for.

The borrower required the money quickly, as he was at risk of losing his initial deposit, and having to take a second-charge loan against the first property if the deals were not completed on time.

Timely completion was particularly important for the borrower on the second bridging loan, but thanks to the level of detail that went into the first deal, the second transaction was completed in four working days after terms were agreed.

The £559,903 and £700,149 bridging loans were both issued at 70% LTV, on a nine-month loan term.

The deals were introduced by PF&D.

Philip Gould, head of underwriting at Avamore, said: "This transaction perfectly demonstrates our customer-centric approach. 

“We acted quickly to adhere to the borrower’s timelines, which mitigated potential financial losses, and we took a commercial approach to ensure the borrower could get his funds.

"We’re pleased that we were able to perform for both the borrower and the broker in such a short space of time, and are looking forward to doing more with them both in the future.”

Keith Forster, owner of PF&D, commented: “Working with Avamore on this transaction was the correct choice for us as a broker. 

“Not only are their terms competitive, but their legal team was able to overcome hurdles around a complicated title to enable completion of this second transaction for our client.”

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