The loan was secured against the property in Sunbury and was introduced by Neil Harris of Pioneer Finance. 

The borrower is a quantity surveyor and project manager, but has not yet carried out his own developments. 

The property is a semi-detached house which has planning permission for an additional 1,100 sq ft two-bedroom home, delivering a combined gross development value of £900,000. 

The borrower is refurbishing the existing house and will sell it once the work is completed, with the profits going towards the construction of the new home. 

Zuhair Mirza, principal at Avamore, praised Neil for his work in brokering the deal and was excited to help the borrower.

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“The customer is making the start of his development journey and we are really pleased to help him make his first steps.”

Neil said he was delighted to have closed this deal with Avamore, who worked with a tight deadline to get the deal closed. 

“It is the first of four completions I have coming up this month with Avamore. 

“I like working with Avamore because they deliver on their promises and I can get direct access to decision makers like Zuhair and Michael [Dean, principal at Avamore] and I hope to get more deals closed with them this year.”

Looking at upcoming projects, Zuhair added: "We remain on track to hit our £50m lending target and would urge introducers and brokers to get in touch with any cases in southern England, small or large. 

“We have exceptional structuring capabilities and can deliver up to 100% LTC solutions for developers and property entrepreneurs.”