Avamore Capital the specialist bridging and development lender has provided a circa £500k facility to a subsidiary of Reading-based Resi Solutions Ltd (“Resi”), led by Daniel Hillman. The funding has enabled Resi to buy Brewery Court, in Theale, near Reading and Avamore will provide regular advances to Resi for the conversion of the grade II listed brewery into 4 flats with a GDV in excess of £800,000. The project is anticipated to be completed and sold within 12 months and demand will undoubtedly be high as the flats are targeted at first-time buyers.
Daniel Hillman of Resi stated: “This is our second transaction with Avamore Capital on another exciting development scheme of ours. We have been very pleased by their responsiveness and ability to deliver on time. We are excited about the long-term relationship between both Resi and Avamore Capital and look forward to delivering the high-end finished units to the market.”
Zuhair Mirza, Principal of Avamore Capital said: “We’re delighted to have funded this acquisition for Daniel and Jonathan of Resi Solutions and look forward to supporting them with the build over the coming months. We think they are a dynamic, hungry and exciting developer and we hope to support them on future projects.”
He continued : “We pride ourselves on our ability to deliver for our customers, it is the number one attribute our brokers and borrowers value. We are targeting lending over £50m this year and if we continue to perform as we have done for our customers, we are highly confident of substantially exceeding that.”
David Powell and Julian Sampson at TWM Solicitors, Guildford represented Avamore Capital. Resi Solutions was represented by Emma Elkington of Phillips Solicitors.
Notes 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 £5m 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.