8 March 2016
Avamore Capital Ltd, as underwriter and arranger closed a circa £1.12m bridging loan within a week of agreeing terms with the borrower today.
The loan was secured against a portfolio of properties. The porftolio included a house in Norbury (to be redeveloped into a luxury family home) and Chiswick (a waterside townhouse). Both are in Greater London with a combined value of approximately £1.8m.
The financing will enable the borrower to complete the acquisition of a new property and to refurbish and extend one of the properties in the portfolio.
The loan reflects a loan to value ratio of circa 60% and is anticipated to be repaid within 6 months.
Zuhair Mirza, Principal said: “we are delighted to complete a loan of this scale, quality and pricing. The borrower is a highly experienced property professional with high quality assets. He has been an absolute pleasure to deal with. We look forward to working with him and his brokers at Conduit again in the future.”
Avamore will now continue to focus on writing GBP 30,000,000 this calendar year, including processing and closing over £7.5m of loans currently in solicitors hands or with terms agreed.
Avamore was represented by VWV Solicitors. The loan was introduced by Conduit Finance.
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 email@example.com