The loan is the fifth deal that the lender has closed with the Bristol-based borrower, with Avamore building up a strong relationship over the past 18 months.

Avamore has previously lent to the borrower on a commercial bridge, commercial-residential development and residential development.

This latest loan will contribute towards the purchase of the property, construction costs, professional costs and other costs relating to the development.

This will support the borrower’s plans to refurbish two existing three-bedroom flats.

The borrower has been developing for a relatively short period of time and Avamore said that it was delighted to have supported them through this growth stage.

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“It is particularly important to note that over time, the borrower has been able to make use of almost all of our products, as a result, he is able to place trust in our service and feels comfortable using us as a lender,” said Zuhair Mirza, principal at Avamore Capital.

“We hope that we will be able to work with more developers like this in the future, executing multiple deals and sustaining long-term professional relationships.

“We put a great deal of value on our partnerships and as we grow as a business, we will always ensure that we can help clients grow in whichever way possible.

“We look forward to seeing the final results of this project and hope to work with the customer again very soon.”

Avamore was represented by David Powell of TWM Solicitors, while Rhona Diane Forster of Metcalfes Solicitors LLP acted on behalf of the borrower.

The project valuers were from JLL, with Edward Cooper Young acting as monitoring surveyors.