He will be taking over the department from Amit Majithia, who will now be focused on the wider business on a strategic level.
Philip will be managing the existing underwriting team and overseeing its expansion, with a new underwriter set to join the business in May.
He will continue to underwrite deals himself, while overseeing all ongoing transactions and provide training and development for new hires and across the team.
Philip joined the specialist lender in March 2019 as senior underwriter and has since been involved in a range of transactions, from bridging loans to complex development deals.
His largest transaction to date was a £5.5m PD conversion in Slough.
Philip said he was delighted with the promotion.
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“I’ve been with the company for just over a year and I’m excited about the future here,” he commented.
Philip added that the underwriting team was integral for maintaining Avamore’s due diligence standards and also for “nurturing” the relationships with its borrowers, brokers and third-party service providers.
“Our underwriting process is more execution focused than I have experienced before and allows underwriters to take significantly more ownership of their deals from the point of credit approval all the way through to completion.”
Amit Majithia stated that he had “no doubt” that Philip would do an excellent job in his new role.
“He is extremely proficient in his approach and has proven his ability to handle a number of complex challenges in parallel; his role will be key for Avamore’s expansion.
“Having led the underwriting team since the early days of Avamore, I am excited to be stepping aside for Philip to take over while I turn my attention to wider business operations and work across all the departments to achieve sustainable growth.