Avamore Capital has announced that it has completed £3.6m development loan for an experienced repeat borrower on their latest development of nine flats in Sutton, South London.
The borrower has successfully completed a number of developments in the last few years and has planning in place to construct 6x 2-bed and 3x 3-bed flats.
This Ground-up loan is offered with an LTGDV of 70% secured against the primary asset in Sutton with 3 additional properties on a loan term of 21 months, with the exit strategy being the sale of all flats.
The loan term gives the developer plenty of time to achieve practical completion and sell all 9 units which are expected to sell fast as they are located in an area of high demand.
Relationship Manager, Cam Levitt commented: “A successful collaboration between us and the broker throughout this fantastic deal achieved the best outcome for the client. Magnificent work from all involved.”
