Short-term property finance specialist Avamore Capital has joined the Association of Short Term Lenders (ASTL).
It takes the number of members to 35, alongside its 25 associate members.
The principal property lender provides short term property loans for developers and property entrepreneurs. Loan amounts range from £250,000 to £5,000,000 and have a maximum LTV of 70% and a maximum term of 364 days.
In addition, Avamore Capital offers bridging loans, mezzanine loans and senior loans.
The news comes just weeks after it was announced that annual gross bridging lending reached £125.35 million in Q1 earlier this year, an annual increase of 56%.
Michael Dean, principal at Avamore Capital, said: “Joining the association is an affirmation that we are applying best practice to absolutely everything we do to ensure the highest standards of lending activity are achieved, and we hope this will give brokers even more confidence in our abilities to deliver for their clients.
“Becoming a member of the ASTL is a positive step to ensuring we are continuing to uphold our core values which include integrity, innovation and a first class service. As well as sharing our ideas and knowledge with other members, we look forward to being part of a trade body which has established itself as being the first voice of the short term lending market.”
Benson Hersch (pictured), chief executive of the ASTL, added: “Since April 2011 when there were 18 lender members, the ASTL has continued to grow year on year. This suggests that an increasing amount of lenders are seeing the value of the association.
“It is positive to see that more lenders are choosing to set themselves apart by committing to operate according to a set of standards and ethics in order to give confidence to clients and brokers alike. Avamore Capital is a welcome addition to the association and its core values of transparency, integrity and innovation are in line with the ASTL’s, and we look forward to receiving its input.”
