The developer was looking to acquire the retail and residential building in Hoxton to carry out a refurbishment and add an extension to the upper parts.
The borrower then plans to sell the finished residential units in around 11 months’ time with the development expected to have a gross development value of £1.5m.
Sunny Panwar of Kind Commercial introduced the loan to Avamore, who needed to work to tight deadlines to ensure the completion was on time.
“Thanks to Avamore Capital for providing us with their usual brand of fast, no-fuss and diligent service”
“The borrower had a hard deadline and despite the transaction being a little more complicated than usual, Avamore delivered for us.”
Nikolay Petkov, principal at Avamore, said it was excited to work with the developer on this project and on future opportunities.
“We are really pleased to back this strong and experienced customer to acquire an exciting new project.
“We look forward to seeing the fantastic flats they are creating, which are going to be attractive for owner-occupiers or investors once completed.
“We are also grateful, as always, for the introduction and guidance provided by Sunny at Kind Commercial and it was a pleasure to deliver for her customers yet again.”
As featured on Bridging and Commercial