Avamore has provided a £458k refurbishment loan, arranged by Aureum Finance, to support a repeat borrower with the acquisition and refurbishment of a complex probate property with unregistered land.
The funding will enable the developer to complete a comprehensive refurbishment before progressing plans for a larger extension. The borrower intends to seek a variation to the facility once full planning permission is granted, allowing the scheme to move into its next phase.
The transaction involved several complexities, including the acquisition of a probate asset with unregistered land, which required close collaboration between all parties to satisfy legal and lending requirements. The borrower's strong performance on their previous development, also funded by Avamore following their first venture into development, gave the lender confidence in their ability to deliver the project.
"This transaction highlights the value of working with a lender that can adapt to complex circumstances and provide practical solutions where others may struggle," said Kyle Humphries, broker at Aureum Finance.
"Avamore's flexible approach, commercial mindset and ability to move quickly made all the difference in delivering the right outcome for our client. They're a lender I genuinely enjoy working with because they consistently take the time to understand the deal, rather than trying to fit every case into a rigid set of criteria. That collaborative approach gives us confidence that we can deliver for our clients, even on more challenging transactions."
"Every development project has its own requirements, so it's important that the funding solution reflects that," said Adam Butler, sales and marketing director at Avamore (pictured).
"In this case, we were able to structure a bespoke refurbishment facility that not only met the borrower's immediate needs but also provides the flexibility to support the next phase of the scheme once planning permission is secured. By taking a tailored approach, we were able to give the borrower confidence that their finance can evolve alongside the project."
Josh Rowe, transactions and structuring analyst at Avamore Capital, worked closely with all parties to ensure the transaction progressed efficiently, navigating the legal complexities associated with the probate purchase and unregistered title to deliver a smooth completion.
The transaction was also supported by Mohammed Azram, relationship manager at Aureum Finance, who worked with the borrower throughout the process, helping to coordinate the transaction and maintain momentum from initial enquiry through to completion.
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