Avamore transactions showcase broader regional coverage
Avamore Capital has completed a number of loans which are reflective of its broader regional coverage, after officially expanding its geographical boundary late last year.
Regional loan highlights have included a £1m residential bridge across two properties in Cardiff and Newport, a £775,000 pre-wind and watertight finish and exit in Leicestershire, and two light refurbishments in Manchester.
As Avamore expands its regional coverage, it is also implementing the infrastructure to deliver the same level of service expected in traditional areas.
Across the majority of these transactions, Avamore found the opportunity to work with new brokers, some based in their respective regions. The deals therefore required close working relationships as Avamore relied on expertise from the partnership to initially demonstrate the strength of the scheme.
On one transaction, the first valuation was not reflective of the true potential of the scheme; analysts investigated comparables themselves, and Avamore accepted a second valuation being instructed outside of its normal panel so the deal could proceed.
Avamore has also outlined its commitment to building strong links with regional service providers to ensure that upfront case assessment is accurate, and ongoing project monitoring is effectively handled.
Furthermore, Avamore is soon to announce a new regional BDM hire, while principal Philip Gould is now based in Sheffield, providing senior support over transactions particularly in northern regions.
Gould said: “Avamore’s growth into new regions comes at a particularly interesting time. 2021 has been a positive year so far and it has allowed us to build new relationships and explore new opportunities.
“What these transactions have highlighted is the level of work we do internally as a team to understand the true story behind a deal.
“Whilst we will increasingly need to rely on service providers to help us understand new areas and regional pockets, we will always work with our broker partners and ensure that we, as a lender, understand the strength of the scheme in order to get the deal done for the borrower.
“We are looking forward to completing many more transactions in new regions over the coming months.”