Avamore Capital, the London based short term and bridging finance lender, has announced total loan redemptions of £150m. The lender has incurred no losses at all from these reimbursements.
The repayments include those from Avamore’s largest refurbishment deal which was a £7.9m conversion project in Surrey.
The lender has repeat business from many brokers and borrowers and last year, closed £13m worth of deals with the same borrower. Avamore believes its flexibility, especially during the challenging times of the pandemic, solution-driven approach and credit standards have all contributed to its recent success.
Amit Majithia, principal at Avamore, said: “Achieving £150m of redemptions is a hugely important milestone to be acknowledging,”
“The fact that we have done this without any impairments to capital or interest is testament to both the considered approach our credit analysts and underwriters take to transactions and to the hard work of our asset management department who have successfully supported our borrowers in what has naturally been a challenging year for them.
“It is always a thrill to know that being repaid on a loan is not only a redemption statistic for us, but it means that another one of our borrowers has successfully completed a scheme and has delivered more residential units to the market — and is hopefully preparing to start the process all over again with a new development.
“We have ambitious plans to continue growing our loan book over the course of the next three years, but will always strive to ensure that this is done prudently as this is a true reflection of the strength of our business.”
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Avamore recently announced it will be expanding its team this year after securing additional funding, with aims to lend over £400m over the coming 24 months.