The 65% LTGDV loan was structured over an 18-month term, with nine months to complete the construction, the timeline aims to gibe the developer opportunity to complete the project.
To date, the developer has been self-funding the construction, with a strategic plan to transition into financing for the remaining work.
- Avamore secures Shawbrook funding line, revamps refurb product
- Avamore completes £6.2m loan for two Bedford development sites
The scheme features four partly constructed properties, designed to be arranged over three floors.
Adam Butler, director of sales and marketing at Avamore Capital (pictured above), commented, "I am really pleased we could help the borrowers finish what is going to be a fantastic site.
“This was a real team effort, and we couldn’t have got there without the essential work our key partner broker provided throughout the transaction."
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