Amit Majithia

Avamore reaches £250m lending milestone

Avamore Capital has announced that it has now reached £250m of total lending, having provided 189 loans to date.

The deal which pushed Avamore over the £250m mark was a wind and watertight finish and exit loan worth circa £882,000.

Highlights so far for the lender involve growing the initial founding team of four to a multi-disciplinary team of 20, the launch of its innovative finish and exit product, and having secured two institutional funding lines.

Amit Majithia, principal at Avamore (pictured above), commented: “This is a huge achievement for the Avamore team — particularly as it follows an unusual year. 

“We are extremely proud of the strength of our loan book, which was built based on pragmatism and sustainability, rather than just growth, which has meant we have never had an impediment to our balance sheet. 

“We are of course incredibly grateful to the entire Avamore team, our key brokers, borrowers and third-party service providers who have helped us get to the £250m mark for total loans.”

Despite the uncertainty of 2020, Avamore remained operational throughout, and its ability to adjust to the new normal was said to have played a “significant role” in it being able to reach this milestone. 

The specialist lender closed more transactions by number in 2020 compared to 2019 and saw enquiry volumes increase by approximately £1.2bn to £5.1bn. 

In February last year, it completed its largest-ever transaction — a £13.1m finish and exit loan.

For one borrower in 2020, Avamore managed to close 10 transactions equating to £13m, in addition to further strengthening a number of broker relationships. 

“In 2021, we hope to achieve even more by listening to what the market needs, delivering high quality products and services, and consolidating relationships even further so that we can grow with our partners,” Amit added.

Last month, Avamore streamlined its lending process after integrating Nivo’s ID verification and messaging technology and has recently appointed Danielle Evans as its fourth relationship manager and promoted Sabinder Sandhu to head of operations and marketing. 

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