London £1.3M

Refurbishment

Gross Loan

£1,363,338

Loan Type

Refurbishment

Term

12 Months

LTGDV/LTV

66.5%

Annual Rate

9%

Monthly Rate

0.75%

This mid-terrace property is a mixed commercial and residential building which benefits from planning permission for the extension and conversion into 3×1-bedroom and 1×3-bedroom flats.

Funds were required to purchase the site from an auction and so, Avamore worked quickly to complete the loan within a short timeframe. A small industrial unit also sits at the rear of the property; typically, Avamore does not offer commercial bridging and so, the value of this additional structure would not be considered. Nevertheless, the Avamore team took a flexible approach and made an allowance in order to increase the level of funds it could provide for the borrower. The property is a short walk from the desirable area of Stoke Newington.

“The team at Avamore were efficient and commercial in their approach to underwriting and funding the development loan. Trust was placed in all parties to fund this transaction in December 2020, the end of an unprecedented year of disruption to normal working practices. It was a pleasure working with a team that communicates well and takes a risk adjusted approach to lending.”

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