Avamore Capital has completed a £1,624,944 development loan on a mixed-use property in North London.
The property’s lower ground and ground floor are currently commercial space, with two residential flats on the first and second floor, but the site benefits from prior approval on the retail space to create two additional flats and planning permission has also been granted for an extension enabling five units to be created in total.
The borrower has 13 years’ experience as a main contractor specialising in residential refurbishments, but this is their first development and Avamore was able to offer a part refurbishment and part development loan at 7.75% + BBR per annum.
Henry Manley-Cooper, head of investor relations at Avamore Capital, said: “In a time where there’s a national housing shortage we’re supportive of first-time developers and do our best to give them the opportunity to begin making a name for themselves and start building.
“At Avamore, we try and get behind the person coming to us with a project and not just the numbers. This deal was a key example of this, where even if the experience isn’t textbook, we can adapt and offer alternative solutions that fit their position.”
