Avamore Capital, the specialist short term bridging and development finance firm, has advanced its largest loan in its young history. The loan equated to a gross facility of circa £5.7m secured against two luxury properties in Hadley Wood, North London, which are near practical completion. The borrower is an SPV called 94 Camlet Way LLP (“94CW”) a JV formed by the up-and-coming developer Bellis Homes and the residential private equity house Cogress.
The facility will refinance an existing development facility and will provide additional liquidity to 94CW to enable them to complete the luxury homes to a high standard, ready for sale in the open market. The units are expected to practically complete prior to Christmas and are available via Statons estate agents, the experts in the area. Interest in the units is already strong with early offers having been received.
Amit Majithia, Principal, originated the transaction for Avamore and said: “we are delighted to have closed this transaction with Bellis and Cogress. We have strong belief in the project and in Bellis to deliver exceptional quality finishes to these houses in the next 3 months. We know this market exceptionally well. We expect that both homes should be sold for top prices in the next 6 months given there are no new houses in the local market and that there is strong demand from local residents seeking new-build luxury units. The due diligence that we had to carry out to advance this was extensive but we think the effort we put in will be worth it.
We will now focus on supporting our borrower on this project to make it the success it should be and to close a further £15m of deals in the run up to Christmas. We have strong appetite for deal flow and look forward to speaking to borrowers and brokers seeking funding.”
Henry Fordham, Director of Bellis Homes added: “Thank you Amit and Avamore for closing this transaction…we look forward to working with you and showing you what we can do on site”
Phil Berry and Laura Brown at Teacher Stern LLP acted on behalf of the Avamore Syndicate, David Millar and Sarah Ilic of Tees Law acted for 94CW.