The specialist lender has secured a total of six deals for the borrower, Miheer Mehta (Sterling Rose), with the latest deal being a residential bridging loan worth around £1.3m at 43.9% loan-to-value.
This particular project had an estimated GDV of £4.22m, and throughout the beginning lockdown stages Avamore maintained regular contact with Miheer to utilise a valuation that was greater than three months old.
Miheer was represented by Harold Benjamin Solicitors and had a strong background in similar schemes, allowing Avamore to take comfort in the security of their deal.
The lender was represented by Underwood & Co and also had a background of similar deals; completing over 10 transactions in the area and examining sales data on a daily basis as part of its credit process.
Since the beginning of this year, Avamore has worked on five other deals with Sterling Rose, including two finish and exit projects, one heavy refurb, and two ground-up developments.
“I have had the pleasure of working with Avamore on a range of schemes this year; this was my sixth deal with them and they have worked tirelessly to meet my expectations every time,” said Miheer.
“Dealing with decision makers who have a real understanding of my requirements is the reason I choose to work with Avamore repeatedly.”
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Avamore’s finish and exit deal with Miheer in Croydon was their first completion in 2020, totalling at £1m.
Avamore stepped in when the project was yet to be finished, where they were able to refinance the scheme from another lender and provide the necessary funding to complete the remaining tasks for the development.
A monitoring surveyor was only used to confirm practical completion towards the end of the development.
At the beginning of March 2020, Avamore completed its second ground-up scheme with Miheer, just before the COVID-19 lockdown restrictions were finalised. The lender issued a £1.8m loan for 12 months against a former meat market and parking allotment.
“At Avamore, we are dedicated to supporting our borrowers and completing our sixth scheme with Miheer amid current circumstances is testament to our relationship-driven lending,” added Philip Gould, head of underwriting at Avamore Capital.
“We have closed deals with Miheer both prior to the outbreak of coronavirus and now, which has illustrated our ability to navigate around the market’s changing state.
“…We look forward to working with Sterling Rose again in the near future.”
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