The facility was provided at 6.5% per annum and is the first scheme of this type that Avamore has completed at this rate.
The 40-unit project is expected to have strong liquidity in terms of renting and selling and all the units will qualify for the Help to Buy scheme.
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Zuhair Mirza, principal at Avamore (pictured above), said: “We are delighted that we have completed another 6.5% pa conversion scheme, which is also our first PD scheme at this rate.
“Our track record of deals at this consistent rate has allowed us to stay true to Avamore’s values.
“We pride ourselves on being predictable, responsive and transparent and we look forward to continuing to do so while we support brokers and borrowers in their future projects.”