Avamore saves developer with £235,000 bridge

The lender closed its first deal of the year– which was secured on another property in Reading with development potential – just two weeks into January. 

The borrower – Daniel Hillman of Resi Solutions – had turned to Avamore after being let down by another lender and terms were only formally agreed nine working days before drawdown.

Daniel praised Avamore for being able to assist with such a quick turnaround, its knowledge and can-do attitude.

“This fits well with our team and they understand the timescales and speed at which we work. 

“As a seasoned developer, Resi partners with 'best-in-class' providers that carry long-term vision and match our values. 

“Avamore could not be more fitting.”

Resi Solutions was represented by Emma Elkington of Phillips Solicitors, while Avamore used Julian Sampson and David Powell of TWM Solicitors to help make sure the deal was completed. 

The Reading property is currently a two-bedroom bungalow, but will soon benefit from planning consent to create two four-bedroom, semi-detached homes with a gross development value of around £1m. 

With the purchase secured, Avamore plans to provide the borrower with an additional £500,000 development loan to deliver the homes once planning consent is finalised. 

Michael Dean, principal of Avamore, said he was delighted to help a borrower in a sticky situation and said Daniel was a young developer with a lot of talent and vision.

“He seems to have a really strong pipeline and we are looking forward to supporting him on his development journey.”

Looking at plans for the rest of the year, Michael felt that 2017 would bring interesting challenges, but was confident that Avamore’s private funding allowed it to have control of its own destiny.

“That means that when we make a borrower an offer, we deliver for them. 

“We have big ambitions to triple the size of our loan book this year as a minimum. 

“We are excited to work with new brokers and borrowers and show them our unique brand of speed, value and personal service.”