In May, the principal lender completed a £2.7m bridging loan with the borrower to purchase the property in Camberley, Surrey.
More recently, Avamore converted the bridging loan into a full development facility at a rate of 6.5% pa, after dealing with four legal teams throughout the process.
Due to the borrower wanting to start immediately on the construction stage, Avamore ran its construction due diligence process in parallel.
The project has additional planning consent for an extra floor, with the eventual scheme set to deliver 50 new units.
“We are delighted to have closed our largest ever transaction,” said Nikolay Petkov, principal at Avamore (pictured above).
“The size of this deal highlights Avamore’s ongoing growth, which we intend to build upon as we approach the end of the year.
- DFT roundtable: Strong QS relationships, communication and resistance to tech during the evolution of a scheme
- Avamore completes deal for Swanley ground-up development
- Octopus Property completes its largest development loan
“Additionally, it was very impressive to see the broker, Karen Raby [at Hank Zarihs Associates], managing multiple moving parts on the transaction; this, combined with constant and open communication, meant that we were able to get the deal completed efficiently despite its challenges, and it was a great accomplishment for all parties involved.”
Karen added that this was the second time they had worked together on a bridging loan and then the development of a scheme.
“The borrowers are highly experienced and the fact that they were able to meet with members of the credit committee resonated extremely well with them and provided a great deal of comfort.
“It is incredibly important for us as a broker that the lender understands that our relationship with each client is different; just as we tailor and adjust our approach to suit the borrower, Avamore mirrors the same sentiment, so we feel as though we are truly working as a team to get the transaction over the line.”