Avamore Capital, the specialist Principal bridging and development lender, has completed a bridging loan in just 4 days from first enquiry. The loan equated to a gross facility of £378,570 secured on a plot of land with planning permission in Essex. The borrower is an experienced developer based in Essex.
The borrower was let down by another lender at the eleventh hour, and were on the brink of losing the site and their deposit until Avamore stepped in to complete on the purchase of the site. Avamore now hopes to fund the development of the site in the coming months.
The initial enquiry came in on Friday 25th November, Avamore was able to send out a preliminary offer within the hour, which was agreed and returned by the borrowers in the same day. Time was very much of the essence in this deal, Avamore’s Principals met with the borrowers on site on Sunday the 27th November to view the site, shake hands with the borrowers, agree the deal and also agree the development finance to follow. On Monday 28th November, the legal cost undertaking was paid by the borrower which enabled Avamore to act quickly and efficiently and funds were sent to borrower’s solicitors for completion on Wednesday 30thNovember.
Avamore were also happy to take reliance on the previous lender’s valuation (Savills, Chelmsford Office) which helped with the speed of the process.
Sunny Panwar, introducing broker at Kind Commercial was complimentary about Avamore’s efforts: “Avamore Capital were highly responsive to the client’s needs from the first instance…handled everything so brilliantly too with the case, as a broker it has been so refreshing. The most important thing is that my clients are really happy too”
Zuhair Mirza, Avamore Principal said “we are delighted to have closed this transaction. We strongly believe in the project and the borrower. We were happy to visit the site on a Sunday, in order to make sure the borrower was in a position to complete on the purchase after being let down by another lender. Just as important was delivering for the introducing broker – brokers are the lifeblood of our industry and we prioritise delivering for them by going the extra mile.”
Nikolay Petkov, Principal at Avamore added: “Avamore’s primary focus is our relationship with brokers and borrowers and ensuring we deliver for them. We will now focus on supporting our borrower for the remainder of the project and ensuring we achieve our overall lending targets for the year. November was our best month to date for new enquiries finishing with over £215 million in new enquiries. We continue to have a very strong appetite for new deals and look forward to speaking to borrowers and brokers who are seeking bridging and/or development finance”
Avamore Capital was represented by Laura Brown and Phil Berry at Teacher Stern LLP. Sunny Panwar of Kind Commercial brokered the financing.
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.
See in Bridging & Commercial