The borrower, who was introduced to Avamore Capital by Gary Ellis of Positive Commercial Finance, is refinancing the property whilst revised planning permissions on the property are obtained. Once granted, development finance will then be required at a later stage. The property is currently a three-bedroom bungalow, with planning consent in place for the demolition and construction of a four-bedroom detached property. The planning permission will allow for an additional 1,231 square feet of living space, bringing the overall floor area to 3,126 square feet.
Gary Ellis, of Positive Commercial Finance said: “I was impressed with three things from Avamore Capital in relation to the loan arranged through them: Firstly, they amended a development loan offer to a bridging loan offer, effectively relying on a different piece of security, without having to commission a new valuation. Secondly, they found a fast and efficient route to increase the bridging loan when some funds due to the borrower were delayed. While in my own mind both of the amendments were credit worthy, I’m not sure many others lenders would have been as accommodating, flexible, or fast. Thirdly, despite the borrower being in a difficult situation and on a short timescale, Avamore’s pricing for the above revisions was very fair indeed.”
Michael Dean, Principal of Avamore Capital said: “We are thrilled to have closed our first deal with Gary, who is an excellent broker and has been great to work with throughout this process. We are looking forward to building our relationship with him and assisting his clients in any way we can. Avamore are pleased to be working with the borrowers on their first ground up development, we feel confident as of the potential demand from local buyers and are looking forward to working with the developer on future schemes.”
Avamore Capital continue to strive to provide the best service to their customers, always adhering to their core principles and commitment to innovation, affordable finance, equality and transparency in all that they do.