We recently redeemed two loans from an existing borrower on adjacent sites. This borrower has successfully completed numerous projects with Avamore and has a wealth of experience in the field. At the time of writing, was managing three other projects alongside these.

The first loan, amounting to £1.2 million, is a development loan aimed at assisting the developer with a ground-up project. The site, previously occupied by retail units, will be demolished, and there is planning permission to construct a three-storey building featuring six flats and ground-floor commercial space. The borrower intends to sell these units on the open market.

The second loan is for £1.1 million and is designated for the purchase of a derelict property next door, which will be recycled into flats. The completed property will include six self-contained flats within a converted commercial premises. The borrower plans to retain these units as an investment, a strategy he has successfully employed in many of his projects in the area.

The Asset Manager for these projects worked closely with the Developer to get these loans redeemed and offer support along the journey. We are committed to building long-lasting relationships with our borrowers, and this situation exemplifies that commitment. We look forward to collaborating closely with this developer on more exciting projects in the future.