Commercial News

Avamore hits £100m lending milestone

Rozi Jones -
|
29th April 2019
Avamore team
"We will always maintain varied funding lines so that we can remain agile and dynamic in today’s market and are excited to see the direction the business will take in the coming years. "

Avamore Capital has announced that it has passed £100m worth of lending.

The loan which saw Avamore reach this mark was a £2.2m development facility in Sittingbourne.

Since January 2016, Avamore has seen a number of positive developments to support its growth including the completion of its largest loan at its lowest ever rate (£6.3m at 0.59% p.m.) and launching its 'Finish & Exit' product.

The lender now plans to double its loan book within the next 12 months.

Michael Dean, co-founder of Avamore, commented: “We are absolutely thrilled to have reached this landmark. I would like to take this opportunity to thank the Avamore team for contributing to the growth of this business and also acknowledge the fundamental role all of our broking partners and service providers have played in completing each and every deal.

"At Avamore we have always recognised that lending is a collaborative process and without our third-party service providers, we could not have reached the point which we are at today. We look forward to deepening and strengthening relationships further in the market and building new connections with those which we have not had the chance to work with yet.”

Zuhair Mirza, co-founder of Avamore, added: “We are incredibly proud to have reached this significant milestone in our business. We started Avamore Capital as a family-office-backed lender and one of our biggest achievements has been building up a strong and stable loan book which has led us to become an institutionally funded lender.

"We will always maintain varied funding lines so that we can remain agile and dynamic in today’s market and are excited to see the direction the business will take in the coming years. We are grateful to everyone that has contributed to our success and we hope that Avamore, our clients, broking partners and vendors will go from strength to strength.”

Related articles
More from Commercial News