£0.5m Reading Portfolio Financing at 0.85% pcm

Priest-Hill-300x225Avamore Capital has just closed the first tranche of funding of a c£0.5m facility for a portfolio of properties in Reading owned by a local property entrepreneur. The facility will enable the customer to acquire and refurbish a house into a high-end executive worker HMO. The key attraction of the new acquisition being its proximity to Reading station, which will benefit from being on the new Crossrail route in 2018. For more information on Crossrail visit: http://www.crossrail.co.uk/

The facility will be for 6 months and will reflect a loan to value ratio of approximately 60% Gross. The funding came from two of the Principal’s family offices.

Zuhair Mirza, Principal stated: “we are delighted to close the first tranche of the facility and hope to advance the remainder in the next 10 days to enable the customer to commence the refurbishment works. The borrower is a young and driven property entrepreneur, with vision. We hope to support him on further transactions in the future”

Avamore Capital was represented in the transaction by Laura Brown and Phil Berry of Teacher Stern LLP www.teacherstern.com; and the loan was introduced to Avamore by Property Finance Finder http://www.propertyfinancefinder.co.uk/

Notes to Editors: 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 md@avamorecapital.com