Avamore Capital

Avamore provides adjustable deal structure for property conversion

Avamore Capital has completed a £758,046 loan for a light refurbishment project in Maidenhead.

The borrowers — who both previously worked at CALA Homes — required the funding to convert a five-bedroom house into its original form of two three-bedroom properties.

This was the first project that the clients were leading as developers.

The deal was introduced by Commercial Financial Specialists.

Although the site was awaiting a letter of lawful development to confirm that the property had permission to be reconfigured back into its original form of two properties, Avamore structured the deal as a light refurbishment, as opposed to a bridging facility, which could then be transitioned into a refurbishment deal following receival of the letter, due to the high likelihood of the lawful development document being granted.

The transaction was also structured so that it could be adjusted to reflect a bridging facility if the appropriate permissions were not granted.

The 12-month light refurbishment loan was agreed at 69% LTGDV at a rate of 8.5% per annum.

Saleem Akram, director at Commercial Financial Specialists, said: “I was impressed with the whole process from start to finish; it was quick and effortless. 

“There were a couple of issues along the way, but Avamore's proactive attitude ensured that it dealt with and overcame them quickly.”

Adam Butler, relationship manager at Avamore Capital (pictured above), said: “It was great pleasure to work with Saleem and the borrower on this unique deal. 

“It really highlighted our core strength of being customer focused and ensuring that we continue to be adaptive which, in turn, resulted in us getting a strong deal structured. 

“The credit analysis and underwriting teams worked brilliantly with the borrower and broker in communicating and keeping them at the forefront of their minds when making decisions.” 

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