The borrower – South West-based developer and asset manager Templerock NBH – required a bridging loan to purchase an office building on St Pauls Street, Bristol.

Under permitted development rights, the first, second and third floors will be converted into residential units, while the lower ground and ground floors will remain as offices.

Avamore has also offered to roll the loan up into a development facility at a later stage.

Michael Dean, principal of Avamore Capital, said: “We are really excited by the potential of the Bristol market and have an unlimited appetite to do deals here.

“This particular transaction is one of top quality, with a great development partner in a really first-class location.

•   Exclusive: Avamore appoints ex-Enterprise underwriter
•   ASTL welcomes Avamore as newest member
•   Avamore appoints new principal

“We are in discussions with the borrower to work with them on their next project and are excited to support them for many years to come.”

Michael revealed that Avamore is currently agreeing almost £5m of new deals each month.

The firm is on target to lend £30m in its first calendar year and Michael is confident of closing around £50m of bridges, developments and heavy refurbs next year.

“Both of our founders’ families are particularly liquid right now and because of that we are able to push the boundaries on pricing and would encourage brokers and borrowers to make contact with any cases they have,” Michael added.

“We are willing to work around the clock, so if you need a deal completed quickly, or before Christmas, then we are ready and willing to help you with that."

Templerock was represented by Peter Bailey of Manor Mortgages/Bailey Associates and Adele Parkinson of Bower and Bailey Solicitors. 

Avamore Capital was represented by Phil Berry and Laura Brown of Teacher Stern LLP.