The lender helped the client of Arc & Co with a £750,000 loan to refinance an existing lending facility which had come to an end and had been used to refurbish a flat within a property development in Chelsea (pictured above) that the borrower was looking to sell.
The £750,000 facility was structured with Avamore taking a first charge and a trusted junior lending partner taking a second charge, which ensured the borrower could get the leverage they needed to refinance.
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The loan was the second high LTV structured deal Avamore has done for Arc & Co in the last couple of months.
Michael Dean, principal of Avamore Capital, said it was partners such as Arc & Co that would enable the lender to reach its £50m annual lending target.
“We were delighted to assist Edward [Horn-Smith] at Arc & Co in delivering the solution their client needed.
“We have shown again that we add value to clients, both in the levels of service we can bring to the clients by being quick, responsive and cost effective, but also in structuring deals that many others in the market would struggle to deliver.”
Edward Horn-Smith of Arc & Co, who brokered the deal, added: “Avamore worked hard with a tight deadline to deliver what the client needed in terms of leverage and timeframe.”
Avamore was represented throughout the transaction by Daniel Fireman and Numan Sultan from Howard Kennedy, while Naomi Williams and Michael De La Fuente of Banks Kelly Solicitors represented the borrower.
The lender is on track to exceed its £50m lending target after completing two deals in the South East as well as providing a £700,000 bridge for the acquisition of a three-storey London building.
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