Earlier this week, Avamore Capital Principal, Michael Dean was delighted to participate in the Property Development Funding Panel for the Wadsworth Property meet. Due to celebrate its 7th anniversary later this year, the event regularly attracts experienced professionals from across the industry, looking to connect with likeminded people and expand their network further.
With Avamore believing that people are the lifeblood of their organisation and the industry, it was the perfect opportunity to engage with peers and get involved in some interesting discussions. Michael was joined by industry experts: Am Kainth, Founder of Invest 500 a group of sophisticated high net worth investors with £500,000+; Bill Patel of i-occupy, helping investors create more time to do the things they love through passive income investments in property; Carl Huchings, highly successful entrepreneur in the Property Market; Jane Skynner, property developer and landlord with a background in design and; Scott Hendry from Together Money. The evening threw up some intelligent insights into motivations for participation across the sector and was a platform for broad opinions.
The panel opened with the question as to why each participant had chosen to work in the property industry. Michael explained that the attraction for the Avamore team, is the opportunity to ‘take a blank canvas and build something unique’. What’s more Avamore’s ability to take on riskier transaction allows them as a company, to help other people build their business, a point which resonates in the current #letsgrow campaign, whereby Avamore have the scope to be a facilitator for people in the early stages of the development career. In a similar vein, Jane Skynner, followed on from this explaining that as a creative developer, she has an interest beyond building for business, but a more emotional attachment through her design background in creating homes rather than houses.
Discussions later turned to geographical investment opportunities with Bill Patel earmarking Luton as a new growth prospect due to the development of rail links into the London. Michael elaborated on the point, alluding that Avamore are geographically driven by where they choose to be active and are commanded by deep markets for the end product developers are looking to deliver. With discussions looking at the influencing factors for lenders taking on deals, Michael commented not only on the change of enquiries geographically but also on the increase in more ambitious developers moving to build-to-rent. The developers on the panel moved the conversation on to investigate rates and the varying value of working with different lenders and the debate closed on a cautionary notice from Avamore Capital that cheap money, whilst attractive, is difficult to follow up.
Michael commented on the evening “it was great to engage with so many people from our industry. I thoroughly enjoyed participating on the panel and it was interesting to hear insights from members across the sector. As a company, Avamore always prefer to learn from and engage with people face-to-face and so this was the ideal setting to share knowledge”. All of the Avamore Capital team are looking forward to participating in similar opportunities over the coming months.