The deal involved the purchase of the property and its neighbouring land, which was held under an unusual title arrangement.

Avamore was approached by the borrower for advice at a much earlier stage than usual and it worked closely with the client to ensure proper due diligence was conducted and risks were mitigated before the final purchase of the property.

The lender undertook an additional investigation and offered feedback to the borrower to help in safeguarding from potential issues with the mortgageability of the units.

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The funding provided by Avamore will also be put towards the construction costs, professional costs and other development costs relating to the completion of the project.

This is the fourth time that Avamore has closed a deal with the borrower and it said that in each instance the relationship has gone from strength to strength.

As well as working with the borrower in the lead up to the exchange, Avamore said it also assisted the borrower in structuring a release of equity from two of the previous deals in order to contribute to the current deal.