Avamore and Adapt complete £11.7m exit bridge

Avamore Capital has completed a £11.7m exit bridge against a portfolio of Northern properties, on a deal introduced by Adapt Finance. 

The borrower had numerous assets across the North of England, so Avamore was able to issue a competitive offer with a net leverage of 70%.

The loan was required to refinance the existing joint venture (JV) partner. The borrower had originally planned to work with another lender, which had pulled out of the transaction.

Avamore worked with Adapt Finance to issue terms quickly and in-line with the borrower’s requirements.

A valuation had already been undertaken with the previous lender, but the original valuer firm did not sit on the Avamore panel.

Avamore agreed to a re-type valuation, which saved the borrower from facing losses as a result of the change in lender.

Jordan McBriar, managing director of Adapt Finance, said: “Stepping into another lender’s shoes is never an easy task but Avamore did so effortlessly.

"They navigated the deal in conjunction with the work that had already been executed which was a huge time and cost saving for the borrower.

"Communication throughout the process was seamless which is always essential for a deal of this size; Avamore remained pragmatic, reliable, honest and determined to get this deal over the line from the start. We knew we were in good hands all the way through."

Philip Gould, executive director at Avamore Capital, said: “Deals like this are an opportunity for us to demonstrate our customer focused lending.

"We are always prepared to act quickly and find ways to help borrowers, particularly when they are facing difficult circumstances.

"What’s more, with the assistance of Adapt, we were able to structure an offer which really spoke to the borrower’s requirements and so it was clear that we were all working towards a common goal from the outset.

"It was true teamwork and I look forward to closing more deals with Adapt across the year.”