The bridging and development finance lender advanced the loan to a subsidiary of Reading-based Resi Solutions Limited – led by Daniel Hillman – after another lender dropped out at short notice.
Avamore provided a £500,000 facility which allowed Resi to purchase Brewery Court in Theale, near Reading.
The lender has also agreed to provide regular advances to Resi for the conversion of the brewery into residential units with a gross development value of more than £800,000.
“This is our second transaction with Avamore Capital on another exciting development scheme of ours,” said Daniel.
“We have been very pleased by their responsiveness and ability to deliver on time.
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“We are excited about the long-term relationship between both Resi and Avamore Capital and look forward to delivering the high-end finished units to the market.”
David Powell and Julian Sampson at TWM Solicitors represented Avamore during the transaction, while Resi used Emma Elkington of Phillips Solicitors.
Zuhair Mirza, principal at Avamore, said it was delighted to have funded the acquisition and looked forward to supporting Resi with the conversion over the coming months.
“We think they are a dynamic, hungry and exciting developer and we hope to support them on future projects.
"We pride ourselves on our ability to deliver for our customers, it is the number one attribute our brokers and borrowers value.
“We are targeting lending over £50m this year and if we continue to perform as we have done for our customers, we are highly confident of substantially exceeding that.”
Resi hopes to complete the conversion and sell within 12 months as it expects demand to be high as the flats will be targeted towards first-time buyers.