Avamore and Adapt close £1.9m double bridge deal
Avamore Capital has closed two bridging loans within two weeks with Adapt finance, totalling £1.9m.
The first of the two bridge loans was a smaller transaction of around £318,000 against an extended two storey end of terrace house in Uxbridge; the property is part of a portfolio which the borrower is seeking to grow.
The loan was issued at 0.67% per month with a loan-to-value (LTV) of 70%.
The second loan was a residential bridge of around £1.6m in Stamford Hill, comprised of three two-bedroom terraced houses and one two-bedroom bungalow. The borrower was an experienced investor with a large-scale property portfolio.
This loan was also issued at 0.67% per month against an LTV of 70%.
As part of the bridging loan, Avamore also assisted with the corporate acquisition of a company which held the underlying property asset.
Stephen Burns from Adapt Finance, who introduced both deals, said: “There was Principal involvement throughout both transactions from day one, which gave us confidence that they would complete once we passed formal terms.
“In addition, it was clear that every member of the team was extremely knowledgeable, everyone I spoke to was able to provide the appropriate level of support from decision making through to underwriting and case management.
“When challenges arose, the team were quick to respond and react making sure that they were sticking to the timeframes agreed. Both of my clients were happy with the final outcome and I am looking forward to doing more with the team.”
Henry Manley-Cooper, associate credit analyst at Avamore Capital, said: “It’s been great working with Stephen and the Adapt Team to get these two deals over the line.
“Stephen was clear and transparent from the outset and so, we knew exactly what we were dealing with from the very beginning.
“Communication was key throughout and we always worked as one team with Adapt to get these deals completed. We have more in the pipeline and are really looking forward to strengthening our relationship even further.”