Avamore Capital

Avamore closes £1.6m bridge-to-development loan

Avamore Capital has closed a £1.6m bridge-to-development loan in Ashford, Surrey.

The alternative lender completed on the bridge and then – within two months – the development loan, which will be used to convert a former watch factory.

The site has permitted development planning to build nine flats: seven one-bedroom and two two-bedroom properties.

The value of the property is currently £1.26m with an expected GDV of £2.41m following full development.

The loan was issued at a rate of 0.75% per month.

Earlier this year, Avamore issued a commercial bridge on the same property worth £790,306.

Nikolay Petkov, principal at Avamore (pictured above), said: “It was brilliant to collaborate with Hank Zarihs [Associates, who brokered the deal] on this transaction.

“[It has] a great ability to drive deals and [was] extremely transparent in [its] communication throughout.

“We are looking forward to seeing the Ashford property progress and are delighted that we have been able to refinance the bridge on to a development facility.

“As a lender, we enjoy working on these schemes because it really gives us the chance to support the borrower throughout the entire process.

“We hope to do more deals like this in the future which reflect our relationship-driven ethos.”

The property was valued by Kempton Carr Croft and the monitoring surveyor was Edward Cooper Young.

The borrower was represented by Lawrence Stephens, while Avamore was represented by Howard Kennedy.

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