Avamore completes heavy refurb for Southfields property at 66% LTGDV
Avamore Capital has completed a £688,234 deal for the refurbishment of a property in Southfields.
The loan was closed at 66% loan-to-gross-development-value (LTGDV) at a rate of 8.5% p.a.
The two-bedroom mid-terrace house had permission to be refurbished into a four-bedroom property under permitted development rights (PDR).
The house was partially derelict, and the developer – who has completed similar sized projects in the surrounding area – plans to strip out and extend the building as well as undertake additional structural works on the property.
The property has an expected GDV of £1,050,000.
There were time constraints as the developer faced delays around the speed at which the previous owner was moving out of the property.
Chris Treadwell, relationship manager at Avamore, said: “This was a good deal to get over the line.
“As we phase out of the COVID crisis, we want to demonstrate our appetite to lend against development projects and that we remain competitive.
“We were pleased to be able to support the borrower and work with Piragsah [Totum Finance] once again.
“As always, there were time constraints which needed to be met and the Avamore team worked hard to get the deal done. We look forward to doing more with both Piragash and the borrower.”
Piragash Sivanesan, founder of Totum Finance, said: “I’ve worked with Avamore on several transactions and their service has been consistent on every deal.
“The front end of the process was quick and straightforward which meant that we were all able to turn our attention to the intricacies of the transaction.
“As ever, the underwriters were always available and responsive; they remained transparent on the deal’s progress and worked closely with us to navigate around any challenges.
“They remained commercial throughout, stuck to a tight timeframe and closed the deal with good judgement and prudent decision making.
“I look forward to working with them on future transactions.”