Avamore completes sixth loan in six months with same borrower
Avamore Capital has completed its sixth deal for the same borrower in 2020.
The deal was a residential bridge worth £1.3m at a loan-to-value (LTV) of 43.9%, with an estimated GDV of £4,220,000.
Since January, Avamore has worked with the borrower, Miheer Mehta (Sterling Rose), on two finish and exit projects, including a £1m scheme in Croydon, two ground-up developments, one heavy refurb and the latest bridge, all totalling £8.2m.
Prior to the outbreak of COVID-19, Avamore completed its second ground-up scheme with Mehta, issuing a £1.8m loan for 12 months against a former meat market and parking area.
The most recent scheme coincided with the outbreak of COVID-19.
Philip Gould (pictured), head of underwriting at Avamore, said: “At Avamore, we are dedicated to supporting our borrowers and completing our sixth scheme with Miheer amidst current circumstances is testament to our relationship-driven lending.
“We have closed deals with Miheer both prior to the outbreak of Coronavirus and now which has illustrated our ability to navigate around the market’s changing state.
“The team is glad to have structured the deal to meet the borrower’s needs and we look forward to working with Sterling Rose again in the near future.”
Miheer Mehta, Sterling Rose, said: “I have had the pleasure of working with Avamore on a range of schemes this year; this was my sixth deal with them and they have worked tirelessly to meet my expectations every time.
“Dealing with decision makers who have a real understanding of my requirements is the reason I choose to work with Avamore repeatedly. Due to the coronavirus, one of our particular deals did not come without its challenges but Avamore were extremely responsive and flexible in their approach and tailored to my needs.
“The team was helpful, quick and equally full of knowledge to tackle the issues we faced with uncertainty in the market. Their in-house expertise made me feel at ease during a more complicated deal and I would highly recommend them. They are certainly a trusted lender.”