The loan size is a 67% increase on the lender’s previous top completion, a £7.9m conversion scheme in Camberley.
The funds were lent at a rate of 7.5% pa over a period of 12 months, with a LTGDV of 60%.
The four former office buildings are being converted into 108 residential one- and two-bedroom apartments.
The completed units will qualify for the government-backed help to buy scheme.
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Amit Majithia, principal at Avamore (pictured above), commented: “Closing a deal of this size is reflective of Avamore’s ongoing growth.
“Over the last year, we have seen projects which have encountered delays and cost overruns; where we can establish the underlying issues and be comfortable that these have been resolved, our finish and exit product is an ideal solution.”
The deal was introduced by West Rock Capital and the valuation was undertaken by Lambert Smith Hampton.
Westley Richards, director at West Rock Capital, added: “Working with Avamore was an absolute pleasure; the team were hands on and well versed about our needs from the beginning to the end of the transaction.”