Avamore Capital, the London based short term and bridging finance lender, has provided new loans in Wales and England, after expanding last year. The team was grown after receiving additional funding and the former Head of Underwriting at Avamore Capital, Philip Gould, was made a Principal.
These new loans show Avamore is taking advantage of its wider geographical reach and working with different brokers. A £1m residential bridging loan was completed covering two properties in Wales, located in both Cardiff and Newport. In addition, the lender provided £775,000 for a pre-wind and watertight finish and exit in Leicestershire. In Manchester, a loan was provided for two light refurbishments.
Philip Gould, principal at Avamore, said: “Avamore’s growth into new regions comes at a particularly interesting time,”
“2021 has been a positive year so far and it has allowed us to build new relationships and explore new opportunities.
“What these transactions have highlighted is the level of work we do internally as a team to understand the true story behind a deal.
“While we will increasingly need to rely on service providers to help us understand new areas and regional pockets, we will always work with our broker partners and ensure that we, as a lender, understand the strength of the scheme in order to get the deal done for the borrower.
“We are looking forward to completing many more transactions in new regions over the coming months.”
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Last month, Avamore announced total loan redemptions of £150m, with no losses incurred.