Avamore completes double deal worth £690,068
Avamore has completed two bridge loans in London, totalling £690,068, both provided to the same developer.
The first property was an end terraced house with garage space where the developer is seeking planning permission to replace the existing property with new-build residential flats.
This loan was issued at a rate of 6.5% p/a and has a loan-to-value (LTV) of 59.87%.
The second property was a vacant mid-terrace building which has planning permission to be refurbished and extended to form three self-contained flats.
Both deals needed to complete on the same day so that the borrower could repay the existing lender.
Avamore amended its usual processes to ensure swift completion despite challenges from COVID-19 restrictions, including accepting video tours of the properties to replace an in-person site visit during its credit analysis process.
Avamore also secured mezzanine funding from two different providers to sit behind each of the senior loans.
The broker commented: “As ever, communication throughout the deal was key.
“[The Avamore team] did a fantastic job on keeping me to date with progress and I was able to get quick responses on any specific queries I had.
“The team was also transparent and reliable during the lockdown and were able to put me at ease throughout, they understood what was important to me for a lender-borrower relationship and delivered on that.
“Deals are rarely straightforward and complexities are almost expected. Avamore certainly worked alongside me to navigate challenges with nothing being too much of a problem.”
Dyan Letts, senior underwriter at Avamore, said: “We understand how much our borrower and brokers value transparency and reliability and it’s an ethos that Avamore is built on.
“Given our current circumstances, we know that communication is now more important than ever, and I believe that completing two deals side-by-side in conjunction with mezzanine lenders is testimony to us placing borrower’s needs at the forefront of our approach.
“We are delighted to have delivered for the borrower and the broker.”