The partially-derelict, two-bedroom mid-terrace house has permission to be refurbished into a four-bedroom property under PDR.
The developer — who has completed similar-sized projects in the surrounding area — plans to strip out and extend the building, as well as undertake additional structural works on the property.
The completed scheme has an expected GDV of £1.05m and will be suitable for young families looking for a short commute into central London.
The case — introduced to the lender by brokerage Totum Finance — presented time constraints, as the developer faced delays from the speed at which the previous owner was moving out of the property.
However, Avamore stuck to the timelines agreed from the outset and worked quickly around the developer’s needs.
The facility was completed at 66% LTGDV at a rate of 8.5% per annum.
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The borrower was represented by Taylor Rose TTKW, and Avamore was represented by Seddons Law LLP.
The monitoring surveyor on the deal was from QS Monitor.
Chris Treadwell, relationship manager at Avamore (pictured above), said: “This was a good deal to get over the line.
“As we phase out of the Covid-19 crisis, we want to demonstrate our appetite to lend against development projects and that we remain competitive.”
Piragash Sivanesan, founder of Totum Finance, commented: “I’ve worked with Avamore on several transactions and their service has been consistent on every deal.
“As ever, the underwriters were always available and responsive; they remained transparent on the deal's progress and worked closely with us to navigate around any challenges.
“They remained commercial throughout, stuck to a tight timeframe, and closed the deal with good judgement and prudent decision making."