The facility was structured to enable the borrower to regain momentum on site and progress the development.

During the underwriting process, the deal was complicated by the administration of the Building Control company, requiring careful reassessment of compliance and delivery risk to ensure the project could continue without disruption.

Discrepancies were also identified in the reported build costs required detailed review and reconciliation.

•   The Finance Professional Show 2025: The Video
•   Avamore completes £3.3m ground-up facility
•   Avamore adds DPT Monitoring Surveyors to panel

These were resolved through close collaboration with the appointed professionals, allowing a consolidated and agreed position to be reached and the facility to proceed.

Key to this transaction was reconciling the build cost variance and ensuring the remaining works were fully understood and appropriately risk-assessed.

“Despite the complexities presented throughout the process, particularly around the change in Building Control provision, we were able to work closely with all parties to maintain momentum,” said George Ormerod, relationship manager at Avamore Capital (pictured above).

“This facility demonstrates our ability to support projects where certainty and pace are critical, even when unexpected challenges arise on site.”