“Having worked with the borrower previously, we understood both the asset and their approach, which made structuring the facility much more straightforward”
– Tom Morrissey – Avamore Capital
Avamore Capital has completed a £1.49m refurbishment loan to support the conversion of office space into four residential flats, working with a repeat borrower on the scheme.
The lender structured the facility to support the redevelopment of a leasehold unit within an existing office building. The project involves converting internal space into residential use, with typical structural and planning considerations linked to leasehold developments.
The borrower has previously delivered a similar scheme within the same building, having completed a conversion on another floor. This track record informed the lender’s approach and supported confidence in the delivery of the latest phase.
A key element of the transaction was the structure of the funding. Although the borrower plans to finance the refurbishment works independently, the agreement includes access to a development facility if required. This provides flexibility, allowing the borrower to draw on additional funds during the project if circumstances change.
The deal was managed by Tom Morrissey, relationship manager (pictured), with underwriting led by Spencer King.
“This deal highlights the value of long-standing relationships,” said Tom, “Having worked with the borrower previously, we understood both the asset and their approach, which made structuring the facility much more straightforward. It’s been particularly rewarding to see this through from initial introduction to completion in my new role as Relationship Manager, at Avamore.”
He worked alongside the underwriting team to complete the transaction, maintaining continuity from the initial introduction through to funding.
Adam Butler, director of sales and marketing at Avamore Capital, also pointed to the role of continuity in the deal. “Tom’s journey on this deal is a great example of the strength of relationships in our market,” he said.
“Having originally introduced the opportunity in his previous role, as a land agent, his move to Avamore has allowed him to stay close to the transaction and support the borrower all the way through to completion. It’s exactly the kind of continuity that benefits all parties and helps get deals over the line efficiently.”
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