The loan was provided to purchase an existing property with a GDV of £2.7m and structured with a senior loan of 66% LTV.

The finance will also be put towards the part-demolition and extension of the property to create nine self-contained flats, comprising one three-bedroom property, two two-bedroom properties and six one-bedroom properties.

Avamore had previously worked with the borrower – a relatively new developer – and was introduced to the bridging and development lender by Daniel Broadhead of Articulate Business Development Limited.

This case marked the third deal of similar scale and purpose in the past six months which Avamore had closed with Articulate Business Development.

Daniel said that Avamore was a “brilliant lender” which was always willing to go the extra mile to get the deal across the line.

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“As debt advisers and brokers, our opinion is that Avamore Capital [has] proven … to be a safe pair of hands when it comes to our clients' property development schemes.

“Whenever we elect to go with Avamore Capital, we always have extremely high confidence that we will get to completion drawdown.

“This confidence has proven to be well placed.”

The valuer for the project was Simon Mills from Kempton Carr Croft while David Powell at TWM Solicitors acted from Avamore and monitoring surveyor was Sanjay Mistry at ECY.

Nick Petkov, principal at Avamore Capital, added: “We believe the project is an attractive residential development in Croydon, an area with a lot of potential.

“As usual, there were a few challenges along the way, but with the help of our partners we managed to navigate these with a proactive approach and problem-solving mindset.”