The 18-month loan for the property — which has a GDV of £2.5m and was arranged by Arc & Co — was issued at a rate of 6.5% per annum. 

The scheme has an LTV of 65%.

Avamore completed the loan against a three-storey building with vacant office space.

The property has also been granted planning permission to be extended and converted into 13 one-bed apartments.

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The project will be eligible for government-backed Help to Buy mortgages and the completed units will be attractive to first-time buyers. 

“It was a great experience working with the team at Avamore,” said Matthew Yassin, director at Arc & Co. 

“At all times they stayed professional, were very well informed and provided solutions throughout the process to get this deal over the line.”

Andreas Yianni, relationship manager at Avamore, commented: “Adding another 6.5% pa conversion to our loan book was great. 

“Like any deal, we were met with some challenges, however, we worked closely with Arc & Co to make sure everything stayed on track throughout the whole process. 

“Matthew was crucial to seeing the deal to completion and I look forward to closing more transactions with him.”