16 Aug Michael’s Blogspot: August Feature
As part of Avamore’s commitment to transparency, once a month, a Principal is going to write a blog about the work they and their teams are doing. For the first blog, I am going to take a broader approach and talk about how our company is growing and highlight some of the changes that have been happening behind the scenes.
This month has been intense to say the least! In terms of our completion volumes, it has been the biggest to date, which is a significant milestone for the company. With regards to origination, we have seen huge volumes coming in and have all either originated the same number of deals (or thereabouts) as we did across the entirety of 2018. We are very pleased to say that we also have plenty more deals in the pipeline and we’re hoping to achieve our target of £100M of completions in 2019! Also, in the next few days, we should pass our 2018 total completions as well, which is huge and shows how far we’ve moved things on.
Despite the uncertainty that lies ahead, we feel confident that our enquiry levels will remain strong particularly as our new Relationship Manager, Chris, will play a significant part in Avamore’s growth (he’s already got a few deals in the pipeline and after being part of the credit team for the past 9 months has a really strong understanding of Avamore products and credit policy) . In general, we are looking to grow our team of Relationship Managers who will become responsible for the bulk of our originations however, maintaining contact between the Principals, borrowers and brokers will always remain incredibly important and a key part of the Avamore ethos.
The wider business has also undergone significant growth; this time last year, only seven people were working in the company and now there are fourteen and, we’re hoping to be up to seventeen people in the early autumn. This just shows how large our growth spurt has been, not only in our headcount but also in our operational capital and revenues. We are currently less than a hundred days away from the 31st October, so we do have some uncertain times ahead of us, and we are approaching this cautiously. Whilst we want to grow, we aren’t going to grow for the sake of it, and any changes will be dependent on justified business factors.
That’s it from me today, Avamore is at a really exciting stage in our journey and we have got great visions for the future. Watch this space for more insights into the world of Avamore!