Avamore secures new institutional funding line

Avamore’s first 6.5% p.a. transaction was closed in April on a two-storey detached building in Wembley Park which the developer is converting into 8 self-contained flats. The loan was c.£1.7m with an LTGDV of 65%. Other highlights include a £500K deal on the conversion of an ex-pub into 10 residential flats and 1 retail unit in Luton and, a £2.2m facility with a repeat borrower in Tonbridge.

Zuhair Mirza, principal at Avamore, commented: “We are proud to have secured our second institutional funding line which has enabled us to offer 6.5% p.a. on conversion schemes. Over the last 12-months we have passed significant landmarks including obtaining our first ever institutional funding line, launching a market leading product (Finish & Exit) and passing £100m of lending.

"It is important to us what we remain true to our initial values and so, we continue to be transparent, responsive and predictable providing the service expected of a small specialist lender but now, we have market leading rates to accompany that. We wanted to pilot the new conversion product in the market before announcing the lower rate. We are excited to now make this public announcement and look forward to supporting brokers and borrowers in their conversion projects.”