Part Complete Development Product

Part Complete Development

Funding for part-complete development projects. Avamore can step in at any stage to support a developer.

Monthly Rate*

0.96%

p.c.m

LTGDV

70%

LTC

85%

Loan Amount

£500k +

Term range

3-18 Months

The Part Complete Development is for projects which are part-built. This means they are not eligible for a traditional developer exit because there are works remaining on the site.

The developer may have either run out of their existing development facility so there are insufficient funds to complete or the developer was relying on sales processed to fund the project which have not come in.

*BBR is added onto quoted Avamore Rate and floats throughout the lifetime of the loan. Fixed rates are available upon request.

Need More Information?

Download the product guide

What is there to know about Avamore’s Part complete development Product?

The Part Complete Development product suits a range of scenarios and it can provide:

Funding for near completed schemes
Refinance of the existing development finance facility
Drawdown of funds to complete the development
Time to sell the units once the development is complete
A potential pre-agreed equity release

It is important to note that schemes do not need to be wind and watertight to qualify for a Part Complete Development loan.
To find out more information, take a look at the PCD FAQS

Your Journey With Avamore

If you have a Development, Part Complete Development, Refurbishment or Bridging case, you can head to our calculator to find out if the deal fits and, download instant terms to send to your customer.

If your customer is happy to proceed, you can contact the team on terms@avamorecapital.com to request an Enquiry Form and quote you Indicative Terms reference number.

Alternatively, if you’re not too sure about the case details, feel free to give our Internal Relationship Management team a call on 020 4518 0085 and we can discuss the parameters and generate terms for you.

To download a copy of our Initial Enquiry Form, please click below.

Initial enquiry checklist

Download Now

Download the checklist of items required by the Relationship Managers to make a thorough assessment of your case

Once the Enquiry Form has been returned, your Internal Relationship Manager will package the deal to share with our Credit Analysts for a more detailed assessment.

At this stage, the transaction is reviewed by members of Avamore’s Credit Committee. At this stage, Heads of Terms, or a Decision in Principle is issued and the Formal Application Form is shared.

Once the Application Form has been completed in full and returned, the Credit Analysis Team will review the information and then request quotes from relevant 3^rd party professionals.

At the same time, the KYC process will begin and at this stage, the Analysts will need to liaise directly with the borrower. Ensuring that this is completed as quickly as possible is key, any delays in providing information could push out the transaction timescale.

Once quotes have been returned, fees are agreed, and the professionals are instructed.

The case is then handed over to Underwriting.

After the case has been handed over, you will be introduced to your dedicated Underwriter who will complete the deal.

It is important at this stage that the borrower is prepared to provide any necessary information to the Underwriter and 3^rd party professionals. It is useful to get ahead and gather required items early on; take a look at our list of essential points below.

The speed at which detail is shared throughout this stage will determine how quickly the case can complete.

Once all internal checks have been completed and final professional reports are satisfactory, the loan can complete.

3rd Party items

Download Now

To process your loan the Avamore underwriting team will need to work with a number of third party service providers. Click to download a list of items each of them are likely to need.

Following completion of the loan, the borrower will receive their day one funds. After this, they will be introduced to their dedicated Asset Manager who will be the main point of contact moving forwards.

The Asset Manager will be responsible for monitoring the progress of the loan, issuing drawdowns and arranging redemption when the time comes. They are also well placed to advise on your next step once the loan redeems.

HOW can avamore help?

Key information for Avamore transactions

Making a Part-Complete Enquiry

If you would like to discuss a part-complete case with Avamore, please provide the following information at initial enquiry stage:

Full Address
Current value, Build Costs and Gross Development Value
Leverage required
Loan term required (include split between build term and sales term)
Developer experience overview
General description of the deal

The above information will allow Avamore’s Relationship Managers to determine whether we are able to provide you or your client an indicative offer.