Amit Majithia, Principal, joined Avamore shortly after it was founded in 2015 and has been fundamental to the company’s rapid growth. We sat down for Catch Up by the Coffee Machine to discuss his favourite things about underwriting and what 2020 holds for Avamore.
What do you like most about your job and why?
A: I like that every deal is different and comes with its own set of challenges. This means I am constantly learning and growing from my experiences.
What inspires you?
A: I am motivated by trying to meet the high expectations that I set myself and ensuring that Avamore continues on its growth trajectory as this will unlock so many other possibilities for the firm.
Describe your job in 3 words and explain why you chose these words?
A: I would describe my job using the following words:
Varied – my job is never the same everyday and this is what makes it so interesting. As a Principal and Head of Underwriting I have a huge mix of dealing with company level issues, underwriting my own deals and assisting other underwriters on theirs.
Detailed – The role of an underwriter requires you to have a focused and detailed approach to everything – but at the same time to put everything into its commercial context.
Rewarding – Although underwriting is hard work and can involve its fair share of challenges, when a deal reaches completion, it is the most rewarding feeling. You are physically able to see and reap the rewards of your work and that is very satisfying!
What is the key to being a skilled underwriter?
A: There are a lot of little things that you need to stay on top of so being organised is key. Constant communication with your borrower client and the ability to draw on the skills of your professional advisers in an efficient way is also crucial.
What do you do outside of the office?
A: I like to spend time with great company over some good food.
What do you think 2020 looks like for Avamore?
A: I think 2020 is looking like a great year for Avamore. We’ve already had a record January and we hope to continue this upward trajectory by exceeding our target of lending a total of £150 million by the end of the year.
If you weren’t a Principal/Underwriter what would you be?
A: I’ve been in the property industry for many years – both as a lawyer and a principal developer – so I don’t think I would ever move from that space. If I would start again and I did something different? I have a pilot’s licence and at one point did think about becoming an airline pilot! I’m also interested in paleo-anthropology and the evolution of man – so an archaeologist in the Rift Valley!
What has been your favourite scheme to work on?
A: I don’t think I have just one favourite – there are so many schemes that have been memorable! The first completion that springs to mind is our largest deal to date; a 6.5% p.a. conversion scheme that we completed in Surrey.
What is your favourite thing about the office environment at Avamore?
A: The office environment is fantastic – the team is always eager to help one another and that is a great thing to witness.
What do you like most about Avamore as a company?
A: Avamore is innovative. We, as a company, strive to remain dynamic to the needs of the market and I think that is essential for a lender; for example, we launched our Finish & Exit campaign to meet the needs of developers stuck on part-complete schemes.
Amit has successfully managed the expansion of the Underwriting team and we look forward to seeing them succeed as Avamore’s loan book grows.
Stay tuned for our next edition of Catch Up by the Coffee Machine!