The redemption which saw Avamore cross the £150m mark was its largest refurbishment deal to date, a £7.9m office to residential conversion project in Camberley and the lender completed £250m in total lending earlier this year.
In 2020, Avamore closed £13m worth of deals with the same borrower which are now split between redeemed and live loans with further transactions in the pipeline.
Maintaining close relationships with borrowers and exercising flexibility around standardised policy has played a huge part in Avamore’s success, it said.
The team has recently adopted Shieldpay, an online payment platform which it said was helping to enhance services providing greater transparency and flexibility.
The tool provides oversight on the movement of funds allowing borrowers to better manage expectations and Avamore has, in some instances, also been able to make payments directly to local authorities and service providers easing the burden for the developer.
Principal Amit Majithia said: “Achieving £150m of redemptions is a hugely important milestone. The fact that we have done this without any impairments to capital or interest is testament to both the considered approach our credit analysts and underwriters take to transactions and to the hard work of our asset management department.”
He added: “It is always a thrill to know that being repaid on a loan is not only a redemption statistic for us, but it means that another one of our borrowers has successfully completed a scheme, and has delivered more residential units to the market, and is hopefully preparing to start the process all over again with a new development.”