Luton £1.6m

Residential Bridge

Gross Loan

£1,642,885

Loan Type

Residential Bridge

Term

12 Months

LTGDV/LTV

53.3%

Annual Rate

6.5%

Monthly Rate

0.542%

The site, which Avamore provided a residential bridge against, is located in Luton. It is comprised of two semi-detached blocks of flats and a detached block of flats. This is a total of 14 x 2-bedroom apartments.

The borrowers on the project were experienced building contractors who had completed a number of previous similar schemes. This included a mixed use project of 32 residential apartments and 4 retail units in the local area.

The 12-month residential bridge was issued at a highly competitive rate. The completed units are expected to sell quickly due to their proximity to Luton town centre and commuter options into central London.

“Avamore took a commercial approach to the deal, and were incredibly responsive, transparent and quick. The levels of service, rate and responsiveness from key decision makers within Avamore gave the client the confidence they needed to move forward with the deal.”

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