Avamore grants £ 3.8million loan to Camden development program


Avamore Capital has entered into a £ 3.8million loan for a partial development program in Camden, London.

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The project is a new residential construction, which will provide two one bedroom, two to two bedroom, four to three bedroom and one to four bedroom apartments.

The development was pre-vented and watertight when Avamore stepped in to support the borrower.

The client had exceeded the term after experiencing project delays due to the first UK foreclosure earlier in the year.

Avamore was able to issue formal conditions within 24 hours of receiving the initial request.

Subsequently, he liaised with several parties to fully understand the work to date and close the deal.

As the borrower was overseas at the time, Avamore was able to execute the loan documents remotely so that the borrower did not have to return to the UK and the lender could still comply with its standard due diligence procedure.

The £ 3.8million deal was made at a rate of 8.75% per annum, with a term of 12 months.

Andreas Yianni, Relationship Manager at Avamore (pictured above) said: “It was great to have another arrival and come out over the line.

“It’s a key product at the moment and it particularly reflects what developers really need from lenders across the market. “

He added that it was a “huge team effort” to close the deal.

“Both the broker and the borrower were fantastic in providing the relevant information and as such we were able to be flexible with our usual approach to making the transaction a reality.

“Communication and transparency have been essential throughout and we are truly delighted to have helped another borrower meet the challenges of 2020.”

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