Avamore provides £458,000 refurbishment loan for property acquisition

Avamore has secured a £458,000 refurbishment loan, arranged by Aureum Finance, to support a repeat borrower with the acquisition and refurbishment of a complex probate property with unregistered land.

The funding will enable the developer to complete a comprehensive refurbishment before progressing plans for a larger extension.

The borrower intends to seek a variation to the facility once full planning permission is granted, allowing the scheme to move into its next phase.

The transaction involved several complexities, including the acquisition of a probate asset with unregistered land, requiring close collaboration between all parties to satisfy legal and lending requirements.

Kyle Humphries, broker at Aureum Finance, commented: “This transaction highlights the value of working with a lender that can adapt to complex circumstances and provide practical solutions where others may struggle.

“Avamore’s flexible approach, commercial mindset and ability to move quickly made all the difference in delivering the right outcome for our client.

“It’s a lender I genuinely enjoy working with because they consistently take the time to understand the deal, rather than trying to fit every case into a rigid set of criteria.”

Adam Butler, sales and marketing director at Avamore (pictured above), added: “Every development project has its own requirements, so it’s important that the funding solution reflects that.

“In this case, we were able to structure a bespoke refurbishment facility that not only met the borrower’s immediate needs but also provides the flexibility to support the next phase of the scheme once planning permission is secured.

“By taking a tailored approach, we were able to give the borrower confidence that their finance can evolve alongside the project.”

Josh Rowe, transactions and structuring analyst at Avamore Capital, worked closely with all parties to ensure the transaction progressed efficiently, navigating the legal complexities associated with the probate purchase and unregistered title.

The transaction was also supported by Mohammed Azram, relationship manager at Aureum Finance, who worked closely with the borrower throughout the process.