Avamore Capital

Avamore and Adapt complete £11.7m bridging deal

Avamore Capital has worked together with Adapt Finance to complete a £11.7m bridging loan secured against a portfolio of properties in the north of England.

The client — an experienced property developer — required the funds to move the assets out of a JV they were part of, so that the units and other properties could be sold or refinanced onto term debt.

The borrower had originally planned to work with another lender, which later pulled out of the transaction.

Understanding the time-sensitive nature of the deal, Avamore worked closely with Adapt Finance to issue terms quickly and in line with the client’s requirements.

As the original valuation was undertaken by a firm which was not part of Avamore’s panel, the lender agreed to a re-type valuation in order to save the borrower from losses as a result of the change in finance providers.

Avamore also agreed to work with the original solicitor to produce an alternative legal document — replacing the ROT and searches previously conducted — which went into greater detail than is typically required.

In the end, the lender was able to provide the £11.7m bridging facility at 70% LTV on a 12-month term.

Philip Gould, executive director at Avamore Capital (pictured above), said: “Deals like this are an opportunity for us to demonstrate our customer-focused lending.

“We are always prepared to act quickly and find ways to help borrowers, particularly when they are facing difficult circumstances. 

“What’s more, with the assistance of Adapt, we were able to structure an offer which really spoke to the borrower’s requirements, and so it was clear that we were all working towards a common goal from the outset. 

“It was true teamwork and I look forward to closing more deals with Adapt across the year.”

Jordan McBriar, managing director at Adapt Finance, added: “Stepping into another lender’s shoes is never an easy task, but Avamore did so effortlessly. 

“It navigated the deal in conjunction with the work that had already been executed, which was a huge time and cost saving for the borrower.

“Communication throughout the process was seamless, which is always essential for a deal of this size; Avamore remained pragmatic, reliable, honest and determined to get this deal over the line from the start.”

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