This scheme was a part-built development of five houses, 4x 3-bedroom and 1x 4-bedroom, in Nottingham.
Before coming to Avamore Capital, the borrower had self-funded the project in addition to self-building and managing all works themselves. They understood the benefits of having additional financial support from a specialist lender and so approached Avamore to secure finance on top of the equity portion put in to take the project to completion.
Three of the plots were constructed to roof level, pre-wind and watertight, with work on the remaining two plots having not yet commenced.
Making use of the Part Complete Development product, Avamore has provided funding for 100% of the remaining works in addition to offering the borrower an advance construction drawdown on Day 1 of the loan for invoices and works certified as complete by the monitoring surveyor between the time of their initial report and completion.
Once completed, the value of the site will be £1,375,000.