The property was a former office building which had been converted in 28 residential units. Avamore had issued also issued a loan for the development of the property and subsequently financed the exit bridge.
At the point of issuing the bridge loan, 3 of the units had completed sales, 8 had been exchanged and 9 had been sold via block sale to a housing association.
The borrowers had significant experience in development and construction of similar sites which was demonstrated by the quality of the completed units.
The site is located a 5-minute walk from central Bournemouth and the units are likely to appeal to owner occupiers and first time buyers.