Avamore Capital, the specialist bridging and development finance lender concluded 2016 on a high after closing their two final deals of the year on Friday 23rd December. Both bridging loans were taken out by Bristol based borrowers and totalled £713,000. The first was secured against a property located in St Paul’s regeneration area, close to Cabot Circus Shopping Centre and the second was used for the purchase of an investment property on Lower Hanham Road, in the Hanham area.
Both loans were taken out by South West property developer Delroy Brown of DB Property Group Ltd, with the first in conjunction with Luke Boulton of SouthWest Taekwondo Ltd and the second a standalone project.
A sum of £328,000 went to the St Paul’s project for the development of another investment property in Bristol and the £385,000 loaned to the Hanham Road build was used for the purchase of an investment property. Both facilities were introduced to Avamore Capital by Matt Kelynack at Kama Solutions.
Michael Dean, Principal of Avamore Capital said: “we are very pleased to have completed another 2 deals in Bristol. We are really excited by the potential of the Bristol market and have an unlimited appetite to do deals here. We have formed a great partnership with the borrowers and are in discussion to work with them on any future projects they may have.”
Michael Dean also added: “Based on our pipeline we are confident of closing around £50m of bridges, developments and heavy refurbs this year. We are a privately funded lender and both of our founders’ families are particularly liquid right now, because of this we are able to push the boundaries on pricing and would encourage brokers and borrowers to make contact with any cases they have.”
DB Property Group Ltd was represented by Beth McAuley of New Bold Solicitors.
Southwest Taekwondo Ltd was represented by Marina Rogers of Metcalfes Solicitors.
Avamore Capital Ltd was represented by Phil Berry and Laura Brown of Teacher Stern LLP
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.