The borrower meeting and site visit was conducted via video call, and Avamore allowed the borrower to receive legal advice via a video link under Mercury rules.
Also, Avamore waived its requirement of receiving original signed documents ahead of completion, instead allowing for solicitor certified copies.
The lender said it also had to make considerations to the terms of the loan and any implications which may arise if construction is not possible in the coming months.
Important not to rush
The site is a former Victorian Methodist Church which sits on a canal-side location. It will be converted into five apartments comprised of 1×1 bedroom and 4×2 bedroom units.
The scheme is expected to take around 12 months to complete and the units will all qualify for Help to Buy scheme. The property has an expected gross development value of £800,000.
Chris Treadwell (pictured), relationship manager, said: “We were incredibly pleased to close this transaction, particularly considering the current circumstances.
“We’ve been in lockdown for a few weeks now and it was important to us that we didn’t rush anything; the borrower and broker were incredibly understanding of the fact that we needed to identify new processes which are as secure as our usual approach to transactions.
“Communication is key at the moment and successfully closing a deal at this stage is testimony to that,” he added.