AVAMORE LENDS £400,000 TO HELP ‘FIRST STEPS’ DEVELOPER
Avamore Capital, the specialist bridging and development lender has provided a £400k refurbishment bridge to a first-time developer secured against a property in Sunbury, Middlesex. The borrower, who was introduced by Neil Harris of Pioneer Finance is a quantity surveyor and project manager but has not yet carried out his own developments.
The property, which is a semi-detached house in a pleasant suburban street close to the BP campus, benefits from planning permission for an additional 1,100 sq ft 2-bed house, delivering a combined GDV of £900,000. The borrower is refurbishing the existing house and will sell this once refurbished; the profits from which will go towards building the new house.
Neil Harris, of Pioneer Finance, who introduced the deal to Avamore said: “I am delighted to close this deal with Avamore who worked with a tight deadline to get the deal closed. It is the first of 4 completions I have coming up this month with Avamore. I like working with Avamore because they deliver on their promises and I can get direct access to decision-makers like Zuhair and Michael and I hope to get more deals closed with them this year.”
Zuhair Mirza, Principal of Avamore Capital said: “We are delighted to close our first deal with Neil. He is a great broker and we are excited to help him and his clients in any way we can. The customer is making the start of his development journey and we are really pleased to help him make his first steps.” Mr Mirza added further: “We remain on track to hit our £50m lending target and would urge introducers and brokers to get in touch with any cases in Southern England, small or large. We have exceptional structuring capabilities and can deliver up to 100% LTC solutions for developers and property entrepreneurs.”
Avamore Capital was represented by Daniel Fireman at Howard Kennedy
The customer was represented by Lorna Hegarty at DWS Legal
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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