Page 9 - Supplement - Bridging & Commercial Magazine Issue 5
P. 9

  Southampton: 95% Complete
Wind & Watertight
Experienced developers were working on a 101 residential unit and 3 commercial unit scheme, funds were required from Avamore to pay the existing lender and to release working capital to the developers and shareholders. The funds also went towards outstanding snagging works and final s106 payments to the local authority. At the point of completion, 58 units had already been sold which demonstrated the liquidity of the scheme.
•Avamore Rate: 0.59% p.m. (7.1% p.a.) •Loan Amount: £6,292,131
•Term: 6 months
•LTGDV: 61.4%
•GDV: £10,500,000 •LTC: 78.0%
“It was an absolute pleasure working with Avamore on this transaction. Avamore are clearly experienced professionals, which shone through when dealing with any technicalities and getting over any hurdles. Avamore
were able to take a commercial view on items to help get the transaction completed in a short timeframe. I would definitely recommend Avamore to others.”
Jatin Ondhia, Co-Founder & CEO, Shojin Property Partners

   7   8   9   10   11