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|Avamore Capital advances record £2.4m pre-bridging facility|
|Friday, 17 June 2016|
Avamore Capital, the family office backed private lender, has provided a £2.4m pre-planning bridging loan facility to a private investor for a townhouse in London's trendy Fitzrovia. The term of the loan is 12 months, but is expected to be repaid within 3-4 months once planning permission to convert into 4 flats is granted and a senior development facility is secured.
The net advance to the borrower reflects 67% and the rate paid by the borrower is 1% per month. Funding came from a private syndicate led by one of the Principals' family offices and two external family offices.
Avamore Capital and the Lenders were represented by Joe Kwok and Paul Heath of VWV Solicitors. The loan was introduced by Peter Clinton of Oakmead Finance who said: "I just wanted to say thank you [to Avamore Capital] for all your hard work in getting this over the line. Most other lenders wouldn't have been nearly so proactive." The borrower was advised by Blacks Law and Ashley Hammond of Hammond & Hammond.
Amit Majithia, Principal, said: "I was delighted that the first loan I was involved with was for such an interesting and exciting property. Not to mention the largest loan in our young history. There were some challenges to be overcome to draw the loan, but we feel we have made an excellent loan to a good borrower against a superb asset. We look forward to carrying out many more loans this year and hope to break our record many more times!"
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