Bournemouth £1m

Residential Bridge

Gross Loan

£1,056,877

Loan Type

Residential Bridge

Term

6 Months

LTGDV/LTV

56.9%

Annual Rate

6.5%

Monthly Rate

0.542%

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.

“The team at Avamore are well resourced but equally full of knowledgeable professionals that were a joy to work with. We hope to do more with this group”

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