The lender has re-introduced its commercial bridging offering alongside its standard residential product in response to a heightened demand for short-term commercial finance.
Loans from £500,000 can be offered based on borrowers’ high level plans for a residential conversion. Rates and terms for Avamore’s residential bridging product remain unchanged.
The lender has also maintained rates on its development loans, which offer loan sizes from £1m to £5m.
Avamore has also consolidated the light, medium and heavy categories of its refurbishment range. It will still cover all renovations, including commercial to residential conversions, and residential and/or mixed-use restructures, but brokers no longer have to clarify the level of planned work when submitting an application.
The final change is a rebranding of its ‘finish and exit’ product to call it a ‘part complete development’. Avamore said this was to make the benefits of the product clearer and highlight that the loan can be issued at any point of a building’s development, rather than just the final stage.
D’mtri Zaprzala (pictured), managing director at Avamore Capital, added: “This product refresh comes at an exciting time for Avamore. With the recent expansion of the team, together with the introduction of the calculator last month, re-vamping the products was the next natural step in empowering our brokers to offer their clients relevant solutions to today’s challenges.
“With the current rising rate environment, we wanted to give brokers and developers confidence that we will continue to innovate and find ways to add value. As ever, we’ll be keeping our ear close to the ground and responding to borrower and broker feedback. In short, we’re continuing to do what we’ve always done, just better.”