Avamore Capital has completed a £1.49m refurbishment loan to support a repeat client in converting office space into flats.
The facility will enable the borrower to convert a leasehold unit within an existing office building into four residential flats.
The borrower previously completed the conversion of another floor within the same property. While the borrower intends to fund the refurbishment works independently, the lender incorporated a development facility within the agreement, ensuring that funds are readily available should they be required at any stage.
Tom Morrissey (pictured), relationship manager at Avamore Capital, said: “This deal highlights the value of long-standing relationships. Having worked with the borrower previously, we understood both the asset and their approach, which made structuring the facility much more straightforward. It’s been particularly rewarding to see this through from initial introduction to completion in my new role as relationship manager, at Avamore.”
Adam Butler, director of sales and marketing at Avamore Capital, added: “Tom’s journey on this deal is a great example of the strength of relationships in our market. Having originally introduced the opportunity in his previous role, as a land agent, his move to Avamore has allowed him to stay close to the transaction and support the borrower all the way through to completion. It’s exactly the kind of continuity that benefits all parties and helps get deals over the line efficiently.”
