Avamore completes largest deal

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  • 12/02/2020
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Avamore completes largest deal
Development lender Avamore has completed its largest transaction, in a deal worth around £13m.

 

The finish and exit loan for a project in Newbury, is a 67 per cent increase on the lender’s previous biggest completion.

The developers were looking for funding on a scheme which was part complete.

The property suited Avamore’s Finish & Exit product and funds were lent at a rate of 7.5 per cent over a period of 12 months, with an LTGDV of 60 per cent.

The four former office buildings in the project are being converted into 108 residential apartments, comprised of one- and two-bedroom units.

Each property has an accompanying parking space, and some overlook the River Kennet.

The completed units will qualify for the government-backed help to buy scheme.

The opportunity was introduced by the London based debt advisory business West Rock Capital.

Avamore worked through information between multiple parties and worked closely with the borrower and broker to successfully structure a deal of this scale to the appropriate deadlines.

Once complete, the units will help to deliver new homes into Newbury’s under supplied market and complement the town’s extensive regeneration.

Amit Majithia, principal at Avamore, said: “We are delighted to have hit such a milestone so early into the new year.

“Closing a deal of this size is reflective of Avamore’s ongoing growth. In the past year, we have surpassed expectations and closing our largest transaction yet has put us in a great position for a successful 2020.

“Over the last year we have seen projects which have encountered delays and cost overruns; where we can establish the underlying issues and be comfortable that these have been resolved, our Finish & Exit product is an ideal solution.”

Westley Richards, director of West Rock Capital, added: “Working with Avamore was an absolute pleasure; the team were hands-on and well-versed about our needs from the beginning to the end of the transaction.”

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