Avamore Capital, the Specialist Bridging and Development lender has completed a record August in terms of deals finalised. The loans ranged from their widely reported “Instaloan”- the first ever loan to be originated directly via instagram, to providing the land facility for a £2.7m GDV scheme near Peterborough (the full development facility will be in the range of £1.8m). Other deals also completed throughout August included multiple transactions with a client of Pioneer Finance with an aggregate GDV of approximately £3.2m.
Avamore Capital structured facilities for a client of Pioneer in excess of £2.4m during the first half of August. These facilities will enable the developer to deliver a mix of 1 and 2 bedroom units in the Twickenham area of South West London, the units are estimated to have an attractive price point of under £400k. Initial LTVs for the customer were structured at in excess of 80% and Avamore took a flexible approach throughout the process.
Neil Harris, Principal of Pioneer Finance commented: “Avamore Capital are supporting the UK shortage of housing by funding developers on schemes that supply affordable properties in local areas to local families”. Zuhair Mirza, co-Founding Principal of Avamore added: “Many thanks again to all our introducers and customers for their business this past month. We couldn’t do it without them. Thanks as always to Neil at Pioneer for his support and trust when working with his clients.”
Despite August being a traditionally quiet month, Avamore Capital had its highest number of enquiries on record for the month, receiving £250m of enquiries over approximately 100 deals, figures that are noteworthy especially for a relatively new lender. Michael Dean, co-Founding Principal added: “Given this extraordinary volume of enquiries and subsequently having agreed terms on a very large proportion of these deals, we now have an exceptional pipeline of deals closing in September and October. However, we won’t let the grass grow under our feet. Francesca and her business development team will be pushing hard to spread the message of performance, service and flexibility at a competitive price”
Avamore was supported by David Powell at TWM Solicitors and Phil Berry at Teacher Stern LLP in their August completions.