"Each scheme came with its own complexities and challenges, but through strong collaboration and detailed underwriting, we were able to get all three over the line"
- George Ormerod - Avamore Capital
Avamore Capital has completed three development finance transactions totalling £2.5m across Kent, all introduced by Sy Nathan, head of structured finance at Dynamo, over a 12-month period.
The deals were originated and managed in close collaboration with George Ormerod, relationship manager at Avamore Capital, with the same underwriting lead, Spencer King, across all three schemes. That continuity proved significant given the varying planning, legal and structural complexities each transaction presented. All three facilities were structured at 70% LTGDV and supported an experienced developer with a strong delivery track record.
One
The first deal, in Tonbridge, completed at £507,000 in just under one month from enquiry to completion. The scheme involves the development of a two-bedroom bungalow and was delivered at pace despite forming part of a broader portfolio strategy.
Two
The second transaction, in Cranbrook, was the largest of the three at £1.35m, completing within three months of enquiry. The asset, already owned by the borrower, was a part-complete conversion of a former pub into five residential apartments alongside a commercial unit.
The deal required resolution of ongoing ecological constraints that had caused planning delays, as well as the coordination of two separate planning applications covering residential change of use and commercial reconfiguration. The exit strategy is a sale, with equity released from the asset supporting the borrower's wider acquisition pipeline.
Three
The third transaction returned to Tonbridge, completing at £560,000 after navigating a series of site acquisition complexities. These included a title split, a land swap with a neighbouring landowner, and the need to evidence implementation of planning permission ahead of expiry. The scheme involves the development of a four-bedroom house over an existing tennis court adjacent to the neighbouring property, incorporating conversion and extension works to former hopper huts.
"I am delighted that we were able to complete this hat-trick of development deals with Sy and his client," said Ormerod (pictured).
"Each scheme came with its own complexities and challenges, but through strong collaboration and detailed underwriting, we were able to get all three over the line. I look forward to seeing the developments progress and hopefully building on this relationship further in the future."
The relationship between Avamore and Dynamo was cemented by how the first deal was handled.
"Our client is an experienced developer who has previously worked with multiple funding houses," explained Nathan. "What changed things was how Avamore handled deal number one from start to finish; the team's pragmatism and responsiveness spoke for itself. So when two further sites came into the pipeline, the client didn't look elsewhere."
"Three sites. Three sets of challenges. One consistent approach: find solutions, not excuses. Across all three transactions, we faced real complexity, but with the right stakeholders around the table and a shared commitment to making things work, we got there every time."
"A huge thank you to the Avamore team for their partnership throughout. This is exactly the kind of dealmaking I'm proud to be part of!"
Throughout all three transactions, the borrower appointed experienced main contractors to each scheme. Internally, the same credit team led underwriting and coordination across the portfolio, maintaining alignment from start to finish.
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