Avamore Capital, the specialist bridging and development finance lender, is looking to expand its Bristol network within the property sector as the city goes from strength to strength.
The London-based firm has strong links with Bristol having already funded a number of schemes in the city and has further aspirations to be the lender of choice for local investors.
Principal Michael Dean, pictured, who studied Chemistry at the University of Bristol, sees a huge opportunity in the city. Having worked as a chartered surveyor and then in private equity real estate development, he launched Avamore Capital 18 months ago after spotting a gap in the market for a flexible lender to small and independent property developers.
Avamore has since lent on transactions totalling £25m with a further £5m in lawyers’ hands, including residential and commercial. Michael started in London but soon branched out into Bristol and the wider South West. The Avamore Capital team has now grown to six members and is looking ahead to future expansion.
Deals have ranged in size from £255,000 to £5.7m and include funding for new builds and conversions. Finance is directed more at affordable housing and regeneration schemes than straight forward residential developments.
Schemes backed by Avamore in Bristol consist of the construction of three four-bedroom detached houses in Longwell Green, an office-to-residential scheme on Whiteladies Road and a gym in Dean Street, St Pauls.
Michael said: “Avamore particularly enjoys helping developers who are in their early growth stages. The great thing about what we do is that we can assist in the conversion of a blank canvas into something truly unique.
“We work alongside our clients, give them guidance and help them climb the property development ladder. It’s important for us to always meet customers and visit the properties we are funding.”
Michael said that Bristol, with its strong property market and growing economy, was fertile ground for a non-traditional, niche player like Avamore.
“We can respond very quickly – far quicker than more traditional lenders. We see ourselves as partners. We’re helping grow the next generation of property entrepreneurs,” he said.
