Philip Gould

Avamore completes its first deal in Birmingham with £1.8m finish and exit

Avamore Capital has completed a finish and exit transaction worth around £1.8m against a four-storey development, which marks the lender’s first ever deal in Birmingham.

Nicholas Christofi, co-founder of Sirius Property Finance, introduced the loan, which also represented the first transaction completed by Avamore and Sirius together.

“Avamore was superb in structuring a part-built development to exit facility [finish and exit],” said Nicholas.

“There was always great communication between us and the transaction analyst, and we were always provided with great feedback and genuine next steps.”

The four-storey, 11-unit scheme — developed by Northwood Street Developments Ltd — is located in the jewellery quarter and comprises seven townhouses, three individual apartments and one office.

Philip Gould, senior underwriter at Avamore (pictured above), added: “This is the first deal I have closed since joining Avamore last month, it was certainly a unique case and it was great to work with Nick on the transaction.

“[As] with any finish and exit, there were a number of factors to consider, however, the team took a collaborative and dynamic approach to get the deal over the line.”

This news follows Avamore’s recent announcement of a record year, with its loan count reaching its largest ever level in 2018.

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