The development comprises four separate blocks, two of which are nearing completion, with the other two needing ground-up development.
The competed blocks will feature 18 one- and two-bedroom apartments.
The loan was a combination of the refinance of an existing loan from another lender and an additional development facility for the remaining build.
The hybrid deal included using Avamore’s new ‘finish and exit’ product.
The development facility will go towards the construction of an additional 11 apartments.
The completed project has an expected GDV of £4.185m and will appeal to people working in Peterborough, Cambridge or London.
Mike Greene, one of the borrowers, said: “The scheme was an unusual one and I think few lenders would have taken the innovative approach which Avamore did.
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“I was grateful for the flexibility [it] gave me throughout the process and appreciated [its] clear communication and transparency.”
The loan for the development has been issued for 12 months and was introduced by Pilot Fish.
This is the second transaction which Avamore has completed with the broker in four weeks.
Richard Jones, managing director at Pilot Fish, added: “When we were presented with the requirements from Mike Greene, we knew that we needed a flexible, innovative lender that would consider refinancing a part-completed development.
“Avamore [was] the perfect fit and demonstrated again that [it] could complete a transaction in a professional, pragmatic and fast way."
Zuhair Mirza, principal at Avamore (pictured above), concluded: “Richard and the team are a pleasure to work with and we greatly valued their input throughout the entire process.
“The developers are highly experienced, and we are looking forward to working with them and similar borrowers on future schemes.
“This ‘hybrid’ transaction also highlights our ability to assess unique cases in-house and to structure deals to work around the borrower.
“We will always do everything we can to get a deal over the line if it is supported by the credit team.”