Avamore Capital completes £1.3m residential bridge

Avamore Capital has completed a residential bridge worth £1.3m at an LTV of 43.9%, its sixth deal for the same borrower in 2020.

The loan provider revealed that the scheme has an estimated GDV of £4,220,000.

Since January, Avamore has worked with the borrower, Sterling Rose, on two Finish & Exit projects, two ground-up developments, one heavy refurb and the latest bridge – all totalling a value of around £8.2m.

The most recent scheme coincided with the outbreak of COVID-19, and the lender indicated that it kept in close contact with the borrower throughout the early stages of lockdown and was willing to utilise a valuation that was then greater than three months old.

Consistent communication with the valuer and borrower also ensured they had enough information about the scheme for the transaction to progress, Avamore added.

Sterling Rose founder, Miheer Mehta, commented: “Dealing with decision makers who have a real understanding of my requirements is the reason I choose to work with Avamore repeatedly. Due to coronavirus, one of our particular deals did not come without its challenges but Avamore were extremely responsive and flexible in their approach and tailored to my needs.

“The team was helpful, quick and equally full of knowledge to tackle the issues we faced with uncertainty in the market. Their in-house expertise made me feel at ease during a more complicated deal and I would highly recommend them. They are certainly a trusted lender.”

Avamore head of underwriting, Philip Gould, added: “We are dedicated to supporting our borrowers and completing our sixth scheme with Miheer amid current circumstances is testament to our relationship-driven lending.

“We have closed deals with Miheer both prior to the outbreak of coronavirus and now which has illustrated our ability to navigate around the market’s changing state. The team is glad to have structured the deal to meet the borrower’s needs and we look forward to working with Sterling Rose again in the near future.”

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