avamore capital

Avamore and Mesa Financial close £1.15m bridging deal

Avamore Capital has completed a £1.15m bridging loan with Mesa Financial for a client’s property purchase in London.

The 72% LTV facility — priced at 8% per annum over an eight-month term — enabled the borrower to acquire an Art Deco property, which will later undergo heavy refurbishment.

Although the client had not yet applied for planning permission for the refurbishment, Avamore structured the standard bridging facility with light conditions to offer the potential of moving to a development loan once planning is secured. 

If the borrower obtains planning permission within the agreed timeframe, Avamore will be in a position to arrange a refinance of the loan to a development facility and deduct the arrangement fee for the borrower.

Andreas Yianni, senior relationship manager at Avamore (pictured above), said: “This is exactly what Avamore is about; we are committed to the journey and success of the borrowers we support. 

“Our team will always take time to find out the full picture and that means we can present options which speak to each developer’s specific requirements. 

“We pride ourselves on long-term and meaningful relationships, and we look forward to doing more with both Mesa Financial and the borrower.”

Chris Treadwell, broker at Mesa Financial, commented: “It was great to get this one away with Avamore. 

“I know the team well, so I was sure they could be commercial, flexible and prudent in their approach. 

“We presented Avamore a borrower with a strong track record and good assets and liability and, in return, it gave us a genuinely useful and relevant solution which our customer was keen to take up. 

“It was partnership on both sides and ultimately, I was confident that we could create something that worked for the developer.”

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