Bridging lender Avamore has completed two bridging loans in North London, totalling £690,068, with both deals provided to the same developer.
The first property is an end terraced house with garage space where the developer is seeking planning permission to replace the existing property with new build residential flats. This loan was issued at a rate of 6.5% p.a. and has an LTV of 59.87%.
The second property is a vacant mid-terrace building which has planning permission to be refurbished and extended to form three self-contained flats.
Both deals needed to complete on the same day so that the borrower could repay the existing lender. Because of Covid-19, the lender accepted video tours of the two properties to replace an in-person site visit during its credit analysis process.
In addition, Avamore secured mezzanine funding from two different providers to sit behind each of the senior loans.
Dyan Letts, senior underwriter at Avamore, said: “We understand how much our borrower and brokers value transparency and reliability and it’s an ethos that Avamore is built on. Given our current circumstances, we know that communication is now more important than ever, and I believe that completing two deals side-by-side in conjunction with mezzanine lenders is testimony to us placing borrower’s needs at the forefront of our approach. We are delighted to have delivered for the borrower and the broker.”