Avamore Capital, the specialist bridging and development lender has completed a circa £1.8m facility to an experienced developer secured against a development for 14 residential units in Braintree, Essex. The facility will run for 18 months and represents a loan to GDV of just under 60%
The scheme comprises 9 apartments (2x 2 bedroom and 7x 1 bedroom), 3 terraced 3x bedroom houses, a 3 bedroom semi-detached house and a 3 bedroom detached house. The total floor area for the completed development will be just over 10,000 sq ft (933 sq m). Practical completion should be achieved within 9-10 months and the units are anticipated to be fully sold within 15 months.
Zuhair Mirza, Principal of Avamore Capital said: “We are delighted to have completed the facility and are excited to see this scheme progress to completion. The completion of this facility reinforces our #letsgrow campaign strategy of helping SME developers expand. It also highlights our commitment to regional development and delivering housing that is affordable for all.”
Michael Dean, Principal of Avamore Capital added: “We are continuing to build our refurbishment and development capabilities and aim to see up to half of our loan book comprised of development loans. We have bolstered the team and have the capacity to process development loans quickly and effectively. Our loans are priced highly competitively and we can offer market-leading LTVs if required, even for inexperienced developers .”
Avamore Capital was represented by Laura Brown and Phil Berry at Teacher Stern LLP
The customer was represented by Adil Khan at Maxims Solicitors
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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