The funds were released for Grade II-listed building which is seeking change of use from office to residential. The LTV for the loan is just under 70%, the property value is £442k..
The property is located within half a mile of the city of London, an eight-minute walk to Whitechapel Station and a 14-minute drive to London City Airport.
Philip Gould, head of underwriting at Avamore Capital carried out a Zoom call with the borrower, a recent adaption to the Avamore Capital process since the COVID-19 pandemic.
Mohit Chopra, the borrower, said: “Despite working amid these challenging times, Avamore Capital took a practical approach to progressing the loan to completion.
“The team prioritised communication and they were clear about what terms we would be offered from the outset of the transaction.
“I was able to get in contact with various members of the team, despite everyone working from home, and this not only made the process run smoothly, but it also helped us overcome challenges that we encountered with the valuation.
“We have now worked together on a number of transactions and, overall, I was satisfied with its service.”
Philip added: “We were incredibly delighted to get this deal over the line, especially during such unprecedented times in the market.
“We were aware of the legal intricacies we were likely to face due to the Covid-19 crisis.
“However, as always, we remained responsive and transparent in our approach and we are delighted to have delivered for the broker and the borrower.”
Matt Lenzie of Commercial Mortgages Broker said: “this is another great example of the speed and adaptability that Avamore Capital continually demonstrate. In our dealings with the team we have been nothing but impressed, congratulations!”.
If you are interested in bridging finance, please check out our guide to bridging finance, or contact us with any questions which you may have.