Recent projects funded by Avamore Capital include a facility of around £600,000 to a subsidiary of Resi Solutions and provided a rebridge with a £700,000 facility for a developer working on a site in Twickenham.

The first facility allowed the developer to buy an office building in Earley, near Reading.

The deal will see Avamore provide regular advances for the conversion of a 1980s office building into six flats with a gross development value in excess of £1m.

The flats are expected to be completed and sold within 12 months.

This represents the third loan Avamore has provided to the Resi group in as many months.

“We’re delighted to have funded this acquisition for Resi Solutions and look forward to supporting them with the build over the coming months,” said Zuhair Mirza, principal of Avamore Capital.

“Over the last 10 weeks, we have closed three deals with them and are about to put another into legals shortly.”

The second loan saw Avamore rebridge a development site on St George’s Road in Twickenham for an experienced developer.

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The £700,000 facility – which represents an initial 77% LTV – will allow the developer to completely refurbish and extend the property, which is expected to have a gross development value of £2m when completed in 12 months’ time.

Michael Dean, principal of Avamore, said he had known the developer for a number of years and was grateful of the introduction from Matthew Cleave of Arc & Co.

“The day one leverage would have been a struggle for most lenders, but we found a way of structuring a deal that worked for the borrower and also enabled us to have an appropriate level of risk once the refurbishment works are done.

“We would urge any customers or brokers needing to stretch their day one leverage that bit further to get in touch with us since this is becoming a speciality of ours.”

David Powell and Julian Sampson at TWM Solicitors represented Avamore on both deals, while Resi Solutions were covered by Emma Elkington of Phillips Solicitors with the Twickenham borrower being represented by David Schwartz of Lawrence Stephens Solicitors.

Looking at future projects, Michael added: “We have some very interesting situations in the pipeline, which we are really excited about.

“We believe these discussions could result in us exceeding our initial £50m target for this year substantially.”