The specialist lender entered into the loan agreement after being introduced to the client by Samuel Kalms, director at Kalms Property Finance.
Avamore provided a £1.6m loan which was taken out against an existing three-storey commercial office building in Kent (pictured above).
The funding will be used to convert the property into a block of 12 flats comprising five one-bedroom and seven two-bedroom apartments.
The anticipated GDV is in excess of £2.5m and is expected to attract interest from first-time buyers and private rental investors.
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“Dealing with decision makers and principals who have a real understanding of property and lending made the process smooth and efficient from the start all the way through to completion,” said Samuel.
“Their commercial views and proactiveness meant we were always confident of hitting the necessary deadlines.”
David Powell of TWM Solicitors acted for Avamore Capital in the transaction.
Michael Dean, principal at Avamore, said it was certain that the proposal was an Avamore deal.
“Despite the customers having limited direct development experience, we knew they had relevant exposure in an employed and contracting capacity and had no doubts of their ability to complete the project capably.”