The funding — agreed at 8.5% per annum on an 18-month term using the lender’s finish and exit product — will be used to refinance the client’s existing development loan.
The finance will also help the client complete the scheme, which was at foundation level when introduced, as the borrower had faced unexpected delays during the early build stages.
Avamore structured the loan to include a £600,000 release of capital against some of the existing works not funded by the previous lender, which assisted the borrower’s cash flow and liquidity.
Once complete, the development will deliver nine luxury apartments.
This is the largest deal Crystal Specialist Finance has introduced to Avamore, and is one of the lender’s most significant transactions to date.
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Andreas Yianni, relationship manager at Avamore Capital (pictured above), said: “I’m delighted that we have once again proven to be the go-to lender for part-completed developments.
“I’m proud to be part of a team talented enough to complete deals as complex as this, and I’m also grateful that Crystal have once again put their trust in us to get the job done.”
Adam Tauber, development finance specialist at Crystal Specialist Finance, commented: “We are thrilled that our fast and effective collaboration on this milestone deal, and our mutual commitment to service excellence, has produced a stress-free and seamless outcome for the client.
“It’s a winning formula and we look forward to replicating it for other borrowers in the future.”