The scheme for 40 units in Slough, which is about half an hour by train into London Paddington, was expected “to have strong liquidity in terms of renting and selling,” the lender said. The homes will qualify for Help to Buy.
The client was a new borrower to Avamore introduced by a new broker, with a track record of delivering developments in the area. The deal was completed in four weeks.
“We’re delighted to have completed another 6.5 per cent a year conversion scheme, which is our first permitted development scheme at this rate,” said Zuhair Mirza, principal at Avamore.
“We have a track record of deals at this consistent rate and will continue with our predictable, responsible and transparent approach to support brokers and borrowers in future projects,” Mirza said.
Avamore offers 6.5 per cent on all conversion projects up to 65 per cent loan to gross development value (LTGDV) and developer exits of up to 70 per cent loan to value (LTV).