Avamore Capital Ltd via its Principal’s family office has written a GBP 491,800 loan facility to a borrower called SJP Freeman Properties Ltd. The loan is secured against a property on Whiteladies Road, Clifton, Bristol.
Avamore were approached by the Borrower’s broker after Christmas when the Borrower was let down by another lender. Avamore worked hard with the Borrower to resolve some issues with the property DD to provide the borrower with the requisite confidence to exchange contracts, in a short timeframe.
The Property, an attractive sandstone building in an upmarket location is a former dental surgery and offices, which the Borrower intends to convert to luxury apartments. The conversion and planning required will take approximately 6 months and the Borrowers expect strong demand for the finished flats.
The lower ground floor of the property will remain in use by the vendor, Nordea Dental.
The Borrowers are headed by Marc Freeman, an IT and finance specialist from London and Sarah Bailey, an interior designer from Bristol. Sarah has an interior design studio in the heart of Clifton Village called SJP Interior Design (web: http://www.sjpinteriordesign.co.uk/) and has been developing properties in the south west for some time. Sarah also works with other developers on a contract basis.
The Borrowers are also due to start development of a 4 unit conversion in Flax Bourton, near Bristol.
Nick Petkov, Principal of Avamore Capital said: “we are delighted to be lending to Marc and Sarah. This is a prime asset in an upmarket part of Bristol and we think their combination of Marc’s financial nous and Sarah’s ability to add value through her interior design skills makes for a fantastic combination. We wish them the very best with the project”
Avamore Capital was represented by Julian Sampson of TWM Solicitors.