Avamore Capital has completed two exit bridges for the same borrower and broker within a month, with both deals at 70% LTV equating to around £1.2m.
Due to the level of detail that went into the first bridge, Avamore said the second transaction completed in just four working days after terms were agreed.
The properties, located in Guilford, had been refurbished into three and four-bedroom semi-detached homes, with timely completion important for the borrower on the second bridge.
Funds were required to purchase another site for which the deposit had already been paid and Avamore suggested that had it not stuck to the borrower’s timeframes, the borrower may have lost his initial deposit.
Head of underwriting, Philip Gould, commented: “This transaction perfectly demonstrates our customer centric approach. We acted quickly to adhere to the borrower’s timelines which mitigated potential financial losses and we took a commercial approach to ensure the borrower could get his funds.
“We’re pleased that we were able to perform for both the borrower and the broker in such a short space of time and are looking forward to doing more with them both in the future.”
PF&D owner, Keith Forster, introduced the deal to Avamore and added: “Working with Avamore on this transaction was the correct choice for us as a broker. Not only are their terms competitive but their legal team were able to overcome hurdles around a complicated title to enable completion of this second transaction for our client.”
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In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
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In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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