Tuesday 26 January – Avamore Capital Ltd (“Avamore”) has underwritten and lent its first stretched senior loan, a £467,500 facility to Bridgeman Ventures Ltd (“Bridgeman”). The loan is to facilitate Bridgeman’s conversion and refurbishment of a ground floor, 2 bedroom residential property into a 3 bedroom, modernised apartment. The total facility represents approximately 78% of the property purchase price.
Exceptionally well-located off the Caledonian Road in Islington, the finished property will provide an attractive contemporary space in a strong location just 2 miles from the City of London. Demand for the flat is expected to be exceedingly strong.
Refurbishment works have started right after the drawdown. The developers from Bridgeman are keen to deliver the project in two months. Together with two months sales tale they expect exit within 4 months.
Bridgeman is comprised of a very cosmopolitan team, both young and energetic but already very experienced, including a Anglo-Italian development director, Greco-Ukranian Finance Director and a British-Bangladeshi Sales Director. Their energy and cosmopolitan background made them an excellent fit for Avamore.
Avamore Capital was approached directly by the borrower with regards to the loan and terms were swiftly agreed prior to Christmas. Avamore was in competition with one of the UK’s largest short term lenders for this piece of business. However, our personal service, direct access to the lender (one of our Principal’s family offices), flexible structuring and competitive pricing won the day.
The property acquisition process was not altogether straightforward and Avamore worked with Bridgeman to iron out issues in the report on title to ensure that their property acquisition was clean and marketable. At all times providing reassurance that our commitment to Bridgeman was there and enabling Bridgeman to exchange contracts with confidence.
Avamore Capital now looks forward to seeing the project progress to maturity. We already have a strong pipeline of further transactions which we may fund the Bridgeman team on and look forward to a long and fruitful relationship.
Illya Medvedenko of Bridgeman Ventures said: “Our team was looking to finance a development project in Islington and we were looking for a responsive and reliable debt partner. Avamore’s team was very responsive and issued us with very competitive terms the next day. Throughout the whole process from offer to closing Avamore team proved to be a true partner to be counted on, being flexible, responsive and commercial”
Zuhair Mirza, Principal of Avamore Capital added: “Bridgeman were always open, honest and transparent. It was a pleasure to have a borrower who we felt was fully on top of the situation and when there was a brief moment of difficulty, happy to work through issues to get the deal over the line. We are eager to fund Bridgeman further on projects for the foreseeable future.”
Avamore’s attention will now go to the £6m+ of loans currently with terms agreed or in legals and exceeding its target of writing over £30m in its first full calendar year. Nikolay Petkov, Principal said: “We look forward to speaking to borrowers and investment partners about future productive collaborations.”
Notes to Editors: Avamore Capital Ltd is a family office backed Principal Lender, lending (first and second charge) to property entrepreneurs from £300,000 and above (with no upper limit), with all loans underwritten by Avamore’s Principal’s families up to £5m. Specialising in loans up to 18 months in duration, Avamore’s unique selling points are its flexibility, competitive pricing and direct access to the individuals writing the loans. Avamore has no formal credit committee and funds can be drawn in as little as 48 hours of agreeing terms. For further information on Avamore, please visit www.avamorecapital.com or email: firstname.lastname@example.org