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Avamore secures funding to lend £400m

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  • 16/02/2021
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Avamore secures funding to lend £400m
Avamore has received funding from existing providers to lend over £400m in the next two years ahead of a planned expansion of its team.

 

The lender hopes to double its sales team to eight employees by the end of the year with the appointment of four regional relationship managers to cover its main geographical areas. 

Avamore is expecting to hire regional relationship managers to cover London, West of England, West Midlands and East of England. 

Furthermore, the lender will hire a sales director later this year. 

Avamore hopes to improve its ability to complete transactions by hiring another underwriter and asset manager. It will also create the role of case manager to support the credit analysis team. 

Amit Majithia (pictured), principal at Avamore, said: “Our increased lending firepower means that we are very keen to complete deals with as many brokers and developers as possible.  

In order for us to reach our £400m lending target over two years we will now bring in new relationship managers to increase our outbound interactions and to grow our broker relationship base further. 

He added: “There are still a lot of brokers and developers who for example have never heard of our finish and exit product and that could be benefitting from it, so we need more people to spread that message for us. 

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