The south London property developer initially approached the lender to obtain a £479,258 bridging loan, in order to purchase a development site — a 4,500 sq ft retail property in South Norwood — quickly before the completion deadline.

Using its ‘Better Bridging’ offering, Avamore was able to close the deal in under a week.

The loan — secured against an unencumbered, vacant four-bedroom detached house in Purley — was agreed at a rate of 7.5% + Bank of England base rate (BBR), over a 12-month term.

Following this, the developer approached Avamore to secure a second, £1,194,034 facility to demolish the existing building on the purchased site and replace it with a three-storey mixed-use property, comprising six apartments on the upper floors and commercial space on the ground floor.

The lender completed the second deal in less than a month, priced at 8% + BBR over a 15-month term.

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Avamore also provided an additional £1,130,844 loan for the same client, secured against a derelict commercial building requiring heavy refurbishment — as the client wanted to convert the property into six self-contained flats.

The third facility was agreed at 65% LTGDV and 85% LTC, at a rate of 8% + BBR over 18 months.

Taking into account the three new deals, Avamore has supported the property developer across 16 transactions, totalling £25m.

Renzo Vigliotti, asset management associate at Avamore (pictured above), said: “Having been working with this developer for the past three years, it’s extremely rewarding to complete a further three transactions with them.

“We’ve always been a business that thrives on maintaining a high level of trust and respect with our clients and to know that we continue to offer support in ways that best suit them, enough so that they keep returning to us, validates that we’re doing the right things.

“Having already constructed several properties in south London, the borrower is showing no signs of slowing down and we’re sure that we will continue to be there for each project in the future.”