Bridge and development loan lender Avamore Capital says it has revamped and simplified its product line.
The company says its offering will still revolve around four main products: renovation, partial development, and development and bridging.
It says that for development loans it is maintaining its fixed rate of 7.75%, which allows brokers to offer “above ground development finance” to clients.
The company has reintroduced commercial bridging loans alongside its standard residential bridging product.
It will offer a commercial relay from £500,000, adding that loans can be issued based on high profile plans in place for residential conversion. Its residential bridging product remains the same, with the lender retaining the same rate regardless of leverage.
The company adds that it will consolidate its light, medium and heavy renovation categories to simplify its offering.
He says: “Refurbishment still covers the full range of work, from decorative updates to large-scale internal changes, but it is no longer up to the broker to identify where in the product set the project should fall. .”
The company adds that it will now cover commercial conversions to residences and residential or mixed-use remodeling offering several options to customers.
Finally, the lender has renamed its finishing and exiting product, now calling it a partial development.
He says: “The decision to re-label the product comes from wanting to make the benefits of the product clearer. The new name emphasizes that Avamore’s product has no minimum build restrictions and emphasizes that it’s not just a late-stage product.
Avamore Capital Managing Director D’mtri Zaprzala said, “With the current environment of rising rates, we wanted to reassure brokers and developers that we will continue to innovate and find ways to add value.”