Avamore Capital completes £11.7m portfolio refinance loan
Avamore Capital has completed a £11.7m refinance bridging loan against a portfolio of northern properties.
The deal which highlights Avamore’s commitment to increasing its average loan size, was introduced by Adapt Finance who were supporting the experienced borrower after he had been let down by another lender.
The borrower is a highly experienced property developer with numerous assets across the North of England.
Avamore was therefore able to issue a competitive offer with a net leverage of 70%. The loan was required to refinance the existing JV partner and the borrower had originally planned to work with another lender who later pulled out of the transaction.
Avamore, understanding the time sensitive nature of the deal, worked closely with Adapt Finance to issue terms quickly and in-line with the borrower’s requirements.
Jordan McBriar, Managing Director, Adapt Finance commented:
“Stepping into another lender’s shoes is never an easy task but Avamore did so effortlessly.
They navigated the deal in conjunction with the work that had already been executed which was a huge time and cost saving for the borrower.
Communication throughout the process was seamless which is always essential for a deal of this size; Avamore remained pragmatic, reliable, honest and determined to get this deal over the line from the start.
We knew we were in good hands all the way through”.
Philip Gould, Executive Director, Avamore Capital added:
“Deals like this are an opportunity for us to demonstrate our customer focused lending.
We are always prepared to act quickly and find ways to help borrowers, particularly when they are facing difficult circumstances.
What’s more, with the assistance of Adapt, we were able to structure an offer which really spoke to the borrower’s requirements and so it was clear that we were all working towards a common goal from the outset.
It was true teamwork and I look forward to closing more deals with Adapt across the year.”