North London £2m

Finish & Exit

Gross Loan

£2,072,357

Loan Type

Finish & Exit

Term

12 Months

LTGDV/LTV

70.0%

Annual Rate

9%

Monthly Rate

0.75%

This scheme comprises of a part-built development of 8 units – 6x 2-bed flats, 1x 2-bed townhouse and 1x 4-bed townhouse in North London.

The borrower was close to running over term with their existing lender and was considering refinance options.

Avamore took the time to understand the borrower’s circumstances and his priorities to complete the build. It was clear that the borrower was keen to secure maximum funds day 1 in order to pay service providers and cover the cost of some materials on site.

Therefore, Avamore provided 70% Day 1 LTV and the borrower will be able to complete 100% of remaining works under Avamore’s Finish & Exit loan.

The property is located within the inner London borough of Haringey and is served with strong transport links into the city. The completed mix of properties appeals to both families and young professionals alike with some even benefitting from private outdoor space.

“Avamore Capital has an extensive product range and in that, they are always able to find a solution…The knowledge and approach from the team means that the broker and the borrower take comfort that the lender understands the works to date, the circumstances behind the transaction and the plan moving forwards.”

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