The loan allowed the developer to release funds to repay a junior and senior lender within a very tight timeframe.
The property is currently a mixed-use leisure centre complex with a restaurant situated on the ground floor and a gymnasium on both the ground and first floors.
The borrower plans to turn the existing gym into six, one-bed apartments and retain a smaller gym on the ground floor.
The property is a Grade II-listed former maltings dating back to the 1850s.
Zuhair Mirza, principal of Avamore Capital, said: “We are thrilled to have closed this deal with the borrower.
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“Their plans for the future are exciting and should be a huge success; we are delighted to have helped them on their way.
“Avamore would be happy to fund them again should they need it and we hope to assist the customer in funding the conversion of the property in the coming months.
“We are also pleased to have closed yet another deal with Neil Harris [of Pioneer Finance].
“Mr Harris has proven to be a great broker and we’d be happy to work with him again in the future.”
Neil added: “Avamore Capital is always on its game and completed the deal fast and efficiently.
“I trust this is [one] of many more deals to come and look forward to continuing to develop a strong relationship with Avamore Capital.”
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