Amidst choppy financial markets and a high degree of uncertainty around the property market, Avamore has closed a £1.2m acquisition finance facility for office space (B1) with permitted development rights to convert to residential use in Godalming. The property is located in the town centre and backs on to the River Way
The borrower, a professional, young and hungry residential developer ultimately intends to convert the property in to residential units and, following a further PD application to add a further 7 units to the consented scheme, apply for full planning for external alterations to enhance the appearance of the building and add balconies to certain units.
The project is being undertaken by a strong developer, in a unique location and with the potential for highly desirable river facing units to be sold at a discount to the local market rate for 1 and 2 bedroom flats.
Michael Dean, Principal stated: “Irrespective of Brexit, this property represents a compelling lending opportunity and we are delighted to be able to support the developer through this turbulent period. We rate the developer highly and look forward to working with them on subsequent projects in the future.
Brexit has created an atmosphere of uncertainty in the property market and I would like to reassure our brokers and borrowers that we remain active in the market and hungry for deals. We will be more selective on our deals and we may be less aggressive on leverage for certain properties but broadly speaking, it remains business as usual ”
For further information please contact:
Michael Dean, Principal, Avamore Capital on: 020 7859 4057
NOTES TO EDITORS
Avamore Capital is a special situations lender that provides loans to property traders, developers and investors, and other property entrepreneurs. Loan sizes are between £0.5m and £5m with larger loans possible in conjunction with its partners. Avamore offers a flexible, quick feedback and fast drawdown, subject to due diligence.
For further information, please visit: www.avamorecapital.com