Avamore Capital

Avamore completes conversion scheme with video tour of development

Avamore Capital has closed a £500,000 refurbishment scheme in Fazeley just after the Easter bank holiday, despite practical challenges due to Covid-19.

The former Victorian Methodist Church will be converted into five apartments, comprising of one one-bedroom unit and four two-bedroom units.

The property has an expected GDV of £800,000.

It will take roughly 12 months to complete and the units will all qualify for the government-backed help-to-buy scheme.

Avamore maintained a safe approach to ensure security of the loan and the well-being of those involved.

The borrower meeting and site visit was conducted via video call.

The legal advice given to the borrower was done via video link under Mercury Rules.

Chris Treadwell, relationship manager at Avamore Capital, said: “We were incredibly pleased to close this transaction, particularly considering the current circumstances.

“Communication is key at the moment and successfully closing a deal at this stage is testimony to that. I am glad that we were able to deliver for the broker and the borrower.”

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