Avamore Capital has secured a “substantial” new funding line from Shawbrook Bank.
Avamore said the “multi-year, multi-million-pound facility” would further streamline the funding process “enabling borrowers to access the capital they require even faster, allowing them to move their projects forward without delay”.
Avamore will now work closely with Shawbrook to provide funding solutions that align with its clients’ specific goals and objectives.
Philip Gould (pictured), chief lending officer at Avamore, said: “I am thrilled to have secured our third institutional funding line, and Avamore’s first with a UK specialist bank. Throughout the process it has been clear that Shawbrook not only share our outlook on the UK residential property market but also our ambition to provide innovative finance solutions that meet the needs of SME property developers and investors.
“The additional capacity that the relationship with Shawbrook provides further solidifies Avamore’s dedication to supporting the UK SME property market and I look forward to growing the relationship further over the coming months and years. Likewise, over the next few weeks, I look forward to discussing with our broker partners how our new funding capacity can assist them in securing the financing support their clients need to achieve their goals.”
D’mitri Zaprzala, CEO of Avamore, added: “I am delighted to have closed this facility with Shawbrook. They are one of the leading UK specialist banks and have been a joy to work with on securing this new funding arrangement. Despite some of the challenges the market has experienced over the last couple of years we remain excited about the future of the UK property market. This partnership markedly improves ours, and our broker partners, ability to help a range of property developers and investors. I’d like to thank the teams at Avamore, Shawbrook and our legal teams for their hard work and I look forward to seeing the partnership grow over the next few years.”
Neil Rudge, chief banking officer, commercial at Shawbrook, said: “Shawbrook has a pedigree in supporting the wider funding market by offering a range of facilities to non-bank lenders and fintechs, driving innovation and choice for consumers, SMEs, and property investors. Avamore Capital is an established brand in the development and bridging finance market, with a proven ability to originate high quality loans and to develop long-standing client relationships.
“Their sector expertise, strong credit controls and comprehensive asset management capabilities are impressive and we’re looking forward to providing the funding certainty that will support their future growth.”
