Eastleigh, £870k

Gross Loan

£871,261

Loan Type

Refurbishment

Term

12 Months

LTGDV/LTV

57%

Annual Rate

12%

Monthly Rate

1%

Avamore were able to support a single borrower with two separate schemes located in Eastleigh. The schemes consist of a 3-bedroom end of terrace house and a 3-bedroom mid-terraced house, located just one mile away from each other. 

The borrower is currently awaiting planning to convert the two properties; one into a 7-bedroom and the other into a 10-bedroom HMO (housing of multiple occupancies).  

Avamore worked closely with the borrower to fully understand the detailed legal issues that the scheme had in acquiring the correct planning permissions. One of the sites is classed as a commercial property as the ground floor was previously used as a hair salon, so there are additional steps required to complete the conversion into a residential dwelling and then apply for approval to change the use to a HMO. 

With these projects being the borrowers first major HMOs, Avamore understood the added stress that comes with learning the process and so to reduce the pressure on the borrower Avamore completed quickly and structured the facility to allow them to drawdown the funds for the conversions once the planning has come in. This way Avamore helped the borrower worry about one less thing, knowing that the refurbishment can start the same day the planning is approved. 

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