Avamore Capital

Avamore and Cogress provide £5.6m loan for Bristol scheme

Avamore Capital has teamed up with Cogress for the second time to provide a £5.6m development facility for a scheme in Bristol with a target GDV in excess of £8.6m.

The funding from Avamore will be used to refinance an existing land bridge.

It will also be used to provide over £3m of construction finance to fund the conversion and extension of a 19,600 sq ft site at 515-517 Stockwood Road (pictured above), Brislington, into up to 56 private residential properties.

Cogress provided a further £1.7m of equity for the deal.

The scheme is the first venture the companies have undertaken with specialist builders Complete Project Development Ltd (CPD) and is expected to last up to 24 months.

Cogress and CPD required a responsive and flexible debt finance partner to join them on the scheme, so Tony Dowie, director at CPD, contacted Avamore’s co-founder Nick Petkov to negotiate the facility.

Tal Orly, founder and CEO of Cogress UK, said: “It’s great to be working with Avamore again to offer the most robust and intelligent investment opportunities to our network of qualified investors.

“They supported us previously on a challenging transaction and showed great flexibility.

“With this facility, our partner CPD can crack on and deliver much-needed housing to the Bristol market and deliver a great return for us and our investors.”

Michael Dean, co-founder and principal of Avamore, added: “It’s really fantastic to be working with Cogress again on this transaction.

 “In this case, this is a scheme that we like with a really affordable price point per unit in an up-and-coming area of Bristol.

“This scheme will act as a major catalyst for regeneration in the immediate area.

“The site has great optionality and offers plenty of profitable upside for the customer, which for us is critical when assessing whether to lend or not.

“CPD and its principals – Jonathan and Tony – have shown great professionalism and enthusiasm and we look forward to working with them over the next year or two as they deliver the scheme."

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