Avamore Capital, the City of London based specialist lender has completed a £920,000 loan to a South- West based developer and asset manager called Templerock NBH for a new property purchase. The property is located on St Pauls Street, opposite the new Cabot Circus shopping centre. The property has obtained permitted development rights to be converted into residential units. The local area, known as St Pauls, has undergone great transformation since the development of Cabot Circus and residential sales are achieving in the region of £500 psf.
Michael Dean, Principal of Avamore Capital said: “this is another deal we have carried out in Bristol this year and have another one in legals. We are really excited by the potential of the Bristol market and have an unlimited appetite to do deals here. This particular transaction is one of top quality, with a great development partner in a really first class location. We are in discussions with the borrower to work with them on their next project and are excited to support them for many years to come.”
Michael Dean also added: “we remain on target to achieve our stated goal of £30m in our first calendar year and are now agreeing around almost £5m of new deals each month. Based on our current pipeline we are confident of closing around £50m of bridges, developments and heavy refurbs next year. Both of our founders’ families are particularly liquid right now and because of that we are able to push the boundaries on pricing and would encourage brokers and borrowers to make contact with any cases they have. We are willing to work around the clock so if you need a deal completed quickly, or before Christmas then we are ready and willing to help you with that.”
Templerock was represented by Peter Bailey of Manor Mortgages/Bailey Associates and Adele Parkinson of Bower and Bailey Solicitors.
Avamore Capital 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.
See in Bridging and Commercial