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Avamore secures £2.5m trio of Kent development deals



Avamore Capital has completed a trio of development finance transactions totalling £2.5m in Kent.


All three deals were introduced by Sy Nathan, head of structured finance at Dynamo.

The transactions were originated and managed in collaboration with George Ormerod, relationship manager at Avamore Capital (pictured above), over a 12-month timeframe, with all three deals structured for an experienced developer.

Across the three schemes, Avamore worked with the same underwriting lead, Spencer King, ensuring continuity and consistency throughout despite a variety of planning, legal and structural complexities.

The first transaction, in Tonbridge, completed at £507,000 in just under one month from enquiry to completion.

The scheme comprises the development of a two-bedroom bungalow and was structured at 70% LTGDV.

The second transaction, in Cranbrook, completed at £1.35m within three months of enquiry while enabling the release of capital to assist with other projects.

The asset was already owned by the borrower and was brought forward as a part-complete conversion of a former pub into five residential apartments alongside a commercial unit.

The scheme required resolution of ongoing ecological constraints leading to planning delays, as well as the coordination of two separate planning applications covering residential change of use and commercial reconfiguration.

The exit strategy is a sale, with equity released from the asset supporting the borrower’s wider acquisition pipeline. This facility was also structured at 70% LTGDV.

The final transaction, again in Tonbridge, completed at £560,000 after navigating various intricacies with the acquisition of the site.

The underwrite was underpinned by a combination of structural and planning complexities, including a title split, a land swap with a neighbouring landowner and the need to evidence implementation of planning permission within expiry constraints.

The scheme involves the development of a four-bedroom house over an existing tennis court adjacent to the neighbouring property, incorporating conversion and extension works to former hopper huts. The facility was structured at 70% LTGDV.

George commented: “I am delighted that we were able to complete this hat-trick of development deals with Sy and his client.

“Each scheme came with its own complexities and challenges, but through strong collaboration and detailed underwriting we were able to get all three over the line.

“I look forward to seeing the developments progress and hopefully building on this relationship further in the future.”

Sy added: “What changed things was how Avamore handled deal number one from start to finish — the team’s pragmatism and responsiveness spoke for themselves. So when two further sites came into the pipeline the client didn’t look elsewhere.

“Three sites. Three sets of challenges. One consistent approach: find solutions, not excuses.

“Across all three transactions we faced real complexity, but with the right stakeholders around the table and a shared commitment to making things work we got there every time.

“A huge thank you to the Avamore team for their partnership throughout!”



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