This scheme was a part-built development of a former office being converted into 24 units – 13x 2-bedroom and 11x 1-bedroom apartments in Tunbridge Wells.
The borrower faced several challenges which led to them considering refinance options.
After a lack of progress on the site due to an underestimated appraisal of build costs and the borrower being left without a contractor, at the time the loan came to Avamore, 13 units were still left to achieve practical completion. The existing lender was unable to provide sufficient financing to get these completed.
Avamore understood the borrower’s needs and priorities to complete the build. It was apparent that there was an urgency to secure maximum funds day 1. Accounting for this, Avamore offered the client flexibility on conditions that usually need to be satisfied pre-completion so the deal could go through quicker. With this, construction was able to get back up and running
Avamore was able to provide 65% Day 1 LTV and by making use of the Part Complete Development product, the borrower will be able to finish 100% of the remaining works.
Once completed, the value of the site will be £7,684,125.