Stonehouse advises on £3.8m finish and exit with Avamore

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  • 15/12/2020
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Stonehouse advises on £3.8m finish and exit with Avamore
Avamore Capital has completed a £3.8m loan against a nine-property part-complete scheme introduced by Stonehouse Capital.

 

The project, which was pre-wind and watertight, had overrun after experiencing delays due to the lockdown earlier this year

It is located in Camden, London and comprises a mixture of one, two, three and four-bedroom flats.

Avamore said the borrower was highly experienced and had completed a number of similar new build projects in the past. The previous loan was with Lloyds.

It said it worked closely with the borrower and broker and was willing to provide flexibility in its usual process to ensure the borrower was confident moving ahead.

This included working with the borrower who was abroad to validate and execute loan documents remotely.

Andreas Yianni, relationship manager at Avamore (pictured) added that financing and completing was vital at the moment and reflected what developers needed from lenders across the market.

“It was a huge team effort to get this deal done,” he said.

“The broker and borrower were fantastic in providing the relevant information and as such, we were able to be flexible with our usual approach to make the deal happen.

“Communication and transparency were key throughout and we are really pleased to have supported another borrower navigating 2020’s challenges.”

 

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