The lender has maintained its four core products - Refurbishment, Part Complete Development – formerly known as Finish & Exit – Development and Bridging - but has made a number of changes which it says will make it clearer which product suits a borrower's requirements.
The lender says it has been able to maintain its most competitive rate to date for development loans, now priced from 7.75% p.a.
It has reintroduced commercial bridging alongside its standard residential bridging product, with loans from £500k accepted. It will also accept commercial bridging where high-level plans for residential conversion are in place.
Avamore has also announced the consolidation of its historic light, medium and heavy refurbishment categorisation. Refurbishment still covers the full range of works from decorative updates to full scale internal changes but, the lender says, there is no longer onus on the broker to identify where in the product set the project should fall and Avamore will cover commercial to residential conversions and residential or mixed-use restructuring.
The final update has been the re-brand of Avamore’s Finish & Exit product to Part Complete Development. This decision, it says, will make the product - which has no minimum build restrictions - clearer.
D'mtri Zaprzala, managing director at Avamore Capital commented:
“This product refresh comes at an exciting time for Avamore. With the recent expansion of the team, together with the introduction of the calculator last month, re-vamping the products was the next natural step in empowering our brokers to offer their clients relevant solutions to today’s challenges. With the current rising rate environment, we wanted to give brokers and developers confidence that we will continue to innovate and find ways to add value. As ever, we’ll be to keeping our ear close to the ground and responding to borrower and broker feedback. In short, we’re continuing to do what we’ve always done, just better.’
