The project is a residential new-build, which will provide two one-bedroom, two two-bedroom, four three-bedroom, and one four-bedroom flats.
The development was pre-wind and watertight when Avamore stepped in to support the borrower.
The client had run over term after experiencing project delays due to the first UK lockdown earlier in the year.
Avamore was able to issue formal terms within 24 hours of receiving the initial enquiry.
Subsequently, it liaised with multiple parties to fully understand works to date and complete the deal.
As the borrower was abroad at the time, Avamore was able to execute the loan documents remotely so the borrower did not have to fly back to the UK and the lender could still comply with its standard due diligence procedure.
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The £3.8m deal was completed on an 8.75% per annum rate, with a 12-month term.
Andreas Yianni, relationship manager at Avamore (pictured above), said: “It was great to get another finish and exit over the line.
“It’s a key product at the moment and is particularly reflective of what developers actually need from lenders across the market.”
He added that it was a “huge team effort” to get the deal done.
“The broker and borrower were fantastic in providing the relevant information and, as such, we were able to be flexible with our usual approach to make the deal happen.
“Communication and transparency were key throughout and we are really pleased to have supported another borrower navigating 2020 challenges.”