Avamore Capital, the London based short term and bridging finance lender, has completed a £3.8m loan for a part-complete development scheme. The deal was completed on a rate of 8.75% p.a., with a 12-month term.
The scheme is a residential new-build, comprised of one, two, three and four bedroom flats in Camden. After delays to the project caused by the initial lockdown, the client had run over term. Within just 24 hours of receiving their inquiry, Avamore were able to issue formal terms.
During completion, the borrower was overseas so the loan documents were executed remotely.
Andreas Yianni, relationship manager at Avamore, 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.”
“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.”
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Avamore recently integrated Nivo’s ID verification and messaging technology, giving customers the ability to communicate, share and e-sign documents.