Town House

Avamore completes £1.8m bridge for contractor

Avamore Capital has provided a £1.8m acquisition and refurbishment bridge for an experienced contractor in just 10 days.

The borrower – a client of Pioneer Finance – required the funds to ensure that they didn’t lose a £100,000 deposit on a townhouse in Chiswick.

The property has planning permission to be converted into five flats and a gross development value in the region of £3.4m with an average unit price of approximately £700,000.

Neil Harris of Pioneer Finance acted as the broker in the transaction, which was completed over corporate transfer with the shares in the company owned by a Malaysian company.

Neil said: “Avamore has really rescued my client, the team worked hard to get the deal over the line and moved mountains to save the client, who is very grateful.

"This is the third deal we have closed together in a little over a month, with another three due to be completed shortly.”

Amit Majithia, principal at Avamore, added: “Despite the deal being more complex than some of the others we have looked at this year – with the added pressure of the borrower running to the end of their contractual notice period – we were able to work together with Neil and the customer to get the deal closed.

“We take pride in delivering for our brokers and customers and we are pleased to get the job done yet again.

“Neil is one of our top brokers and it is particularly satisfying to deliver the goods for him.”

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