The 18-month facility, structured at 68% LTGDV, will support the construction of six detached residential units.

This project includes significant off-site highway works, with an existing carriageway needing to be widened and critical infrastructure elements that must reach 90% completion before vertical construction can commence.

Avamore was required to carefully structure the deal due to this sequencing, but the lender took comfort from the local authority having granted technical acceptance up front.

“This was a really interesting deal where the strength of the individuals involved stood out, despite this being their first project together,” said Aidan Lesslie, relationship director at Avamore Capital (pictured above).

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“Having previously lent to one of the borrowers gave us additional comfort, and we were able to take a pragmatic view on the partnership as a whole.

“The added layer of highway works introduced complexity, but ultimately the fundamentals made sense and we were pleased to support the scheme.”

The transaction was heavily supported by transaction and structuring analyst Joshua Rowe, who worked closely with the borrower and internal teams to ensure the deal was executed efficiently.

Saif Ali Khichi, underwriter at Avamore Capital, added: “The structure required a detailed understanding of both the planning position and the timing of the highway works.

“We were comfortable with the sequencing risk given the authority’s technical approval and the clear path to delivery.”