Avamore Capital, the family office backed private lender, has provided a £2.4m pre-planning bridging loan facility to a private investor for a townhouse in London’s trendy Fitzrovia. The term of the loan is 12 months, but is expected to be repaid within 3-4 months once planning permission to convert into 4 flats is granted and a senior development facility is secured.
The net advance to the borrower reflects 67% and the rate paid by the borrower is 1% per month. Funding came from a private syndicate led by one of the Principals’ family offices and two external family offices.
Avamore Capital and the Lenders were represented by Joe Kwok and Paul Heath of VWV Solicitors. The loan was introduced by Peter Clinton of Oakmead Finance who said: “I just wanted to say thank you [to Avamore Capital] for all your hard work in getting this over the line. Most other lenders wouldn’t have been so nearly proactive.” The borrower was advised by Blacks Law and Ashley Hammond of Hammond & Hammond.
Amit Majithia, Principal Said: “I was delighted that the first loan I was involved with was for such an interesting and exciting property. Not to mention the largest loan in our young history. There were some challenges to be overcome to draw the loan but we feel we have made an excellent loan to a good borrower against a superb asset. We look forward to carrying out many more loans this year and hope to break our record many more times!”
Notes to Editors: Avamore Capital Ltd is a family office backed Principal Lender, lending (first and second charge) to property entrepreneurs from £300,000 and above (with no upper limit), with all loans underwritten by Avamore’s Principal’s families up to £5m. Specialising in loans up to 18 months in duration, Avamore’s unique selling points are its flexibility, competitive pricing and direct access to the individuals writing the loans. Avamore has no formal credit committee and funds can be drawn in as little as 48 hours of agreeing terms. For further information on Avamore, please visit www.avamorecapital.com or email firstname.lastname@example.org