Avamore Capital has provided a circa £800k facility to Bristol-based Sampson Homes Ltd (“Sampson”). The funding has enabled Sampson to refinance a detached property in Longwell Green, Bristol. Avamore will provide regular advances to Sampson for the development of the 3 detached house scheme in a leafy Bristol suburb. The houses are anticipated to have been completed and sold within 14 months with a GDV of just under £1.3m. Demand for the finished houses is going to be high with most local agents anticipating the houses will be reserved in a matter of months by local families.
The transaction was introduced by Mark Ellis of Just Bridgeit/Development Money who stated: “This has been our first transaction with Avamore and we’ve been really impressed by their dedication, determination and efficiency. We hope to work with them again in the future.”
Dane Sampson of Sampson stated: “Avamore Deliver their promises! I approached Avamore Capital for development finance and was promptly given a decision that my deal was acceptable. Avamore Capital and the team were prompt, efficient and very proactive at getting things done fast. This was important to me as I needed the funds quickly to clear off a bridging loan. I hope to do many more transactions with Avamore Capital. Thank you for a great service..”
Michael Dean, Principal of Avamore Capital said: “Dane is a fantastic guy with a really fascinating back story. Although he’s fairly young in the development process, we’ve already seen examples of his work which were very impressive. He’s picked up a cracking site for good value and obtained a consent that makes a lot of sense. I hope this is the start of a long and fruitful relationship with Dane. Since we closed the deal with Dane we’ve had a lot of feedback from people in the Bristol area telling us what a great guy he is, which naturally makes us feel good to have done business with Dane.”
He continued further: “So far we have had a great start to the year and I think there’s a lot more to come based on our enquiry volumes which are near record levels. What has been impressive has been the quality of the enquiries which tells me we’re doing the right things by delivering for customers, brokers and sending the right message to the market”
Martin Philips and Susan Pearson at Howard Kennedy represented Avamore Capital.
Sampson Homes was represented by Simon Twose of FDC Law
Note to editors
Avamore Capital is a special situations lender that provides loans to property traders, property developers, property investors, and other property entrepreneurs. Loan sizes are between £0.5m and £7m with larger loans possible in conjunction with its partners. Avamore Capital provides a flexible approach, quick feedback and very fast drawdown, subject to due diligence.
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