Avamore Capital, the specialist bridging and development lender has provided a circa £675k facility to a Middle-Eastern based borrower at a highly competitive rate. The funding was provided for a two- bedroom apartment in a stunning grade II listed property. The loan permitted the borrower to refinance loans from an existing bridge lender and plans are in place to refinance onto long term finance in the coming months.
The property, which is located in prestigious Holland Park, Kensington, is a recently refurbished two-bedroom apartment on the lower ground floor of a purpose-built grade II listed building. Located only a few minutes’ walk from Holland Park Station and the popular ‘Westfield Shopping Centre’, the property is in a prime location, commutable to the City and the West End in 10 minutes.
Zuhair Mirza, Principal of Avamore Capital, stated: “We are delighted to have closed our first deal with this particular borrower. The deal ran smoothly throughout the process with everyone involved contributing throughout. We were introduced to the borrower by existing customer, Nadeem Hayat, who is also a top-level broker and we hope to close many more deals with Mr. Hayat in the future.”
Amit Majithia, Principal of Avamore Capital, stated: “This deal marks another step towards achieving our aim of closing £100m of new business by the end of 2018. We are working further with brokers and customers throughout this year and the next to provide additional specialist lending.”
Avamore Capital was represented by David Powell of TWM Solicitors.
The borrower was represented Zoe Patel of Jury O’Shea LLP