Avamore completes loan for west London conversion scheme

Principal bridging and development lender Avamore Capital has provided a loan of around £1.8m over an 18-month period for a 6.5% pa conversion scheme in Ealing, west London.

The multi-storey detached property will be converted into six one-bedroom flats and two three-bedroom flats, resulting in an estimated GDV of £4.18m upon completion.

The larger property units will have their own parking spaces and private access to a garden space.

The deal was completed despite being outside Avamore’s usual policy. 

Zuhair Mirza, principal at Avamore, commented: “We were transparent from enquiry to completion and, as such, were able to be flexible around the situation presented to us. 

“It was great to complete another 6.5% pa conversion scheme and, by staying consistent with our rates, we demonstrated Avamore’s reliability and responsiveness to the market.”

Dave Fathers of Primus Finance added: “Avamore Capital is fantastic to work with and operates in a very transparent manner. 

“It ensured the deal process was smooth and efficient, providing a hands-on approach from all those involved.”

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