Bridging Loan & Development Facility Offer in Reading
Avamore Capital, the specialist bridging and development finance lender hit the ground running in 2017 closing their first deal of the year, just two weeks into January, a £235,000 bridging loan secured against a property in Reading with development potential. The borrower was Daniel Hillman of Resi Solutions. Hillman had been previously let down by another lender and terms had only been formally agreed 9 working days before drawdown.
Hillman was delighted that Avamore Capital were willing to assist with such a quick turnaround and commented: “Avamore Capital have the rare combination of talent, knowledge as well as a ‘can do’ attitude – this fits well with our team and they understand the timescales and speed at which we work. As a seasoned developer, Resi partners with ‘best in class’ providers that carry long-term vision and match our values. Avamore could not be more fitting’.
The property, which is a 2bedroom bungalow near Prospect Park, will soon benefit from planning consent to create 2x four bedroom semi-detached houses with a GDV of approximately £1,000,000. With the purchase secured, Avamore will set about providing the borrower with an additional £500,000 development facility to deliver the houses once the planning consent is finalised.
Michael Dean, Principal of Avamore Capital said: “we are delighted to have completed our first loan in 2017 and particularly having helped a borrower out of a sticky situation is especially satisfying. Daniel Hillman is an exciting young developer with a lot of talent and vision. He seems to have a really strong pipeline and we are looking forward to supporting him on his development journey.”
Mr Dean added further: “We all know that 2017 will bring some interesting challenges, but fortunately we are privately funded and have control over our destiny. That means that when we make a borrower an offer, we deliver for them. We have big ambitions to triple the size of our loan book this year as a minimum. We are excited to work with new brokers and borrowers and show them our unique brand of speed, value and personal service.”
Resi Solutions Ltd was represented by of Emma Elkington of Phillips Solicitors in Basingstoke.
Avamore Capital Ltd was represented by Julian Sampson and David Powell of TWM Solicitors in Guildford
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.