Avamore Capital has provided £458,000 in development finance for the acquisition and refurbishment of a probate property. The transaction, arranged through broker Aureum Finance, involved an unregistered probate asset and required coordination between legal teams and the lender to meet regulatory requirements.
The funding will support a comprehensive refurbishment of the property. The developer plans to seek planning permission for a larger extension, with a potential variation to the facility requested once full planning permission is secured.
According to Avamore, the developer had previously completed another project funded by the lender, which influenced the decision to support this transaction. This deal highlights the specialist finance market's capacity to support complex property acquisitions, particularly where legal and compliance requirements pose challenges for traditional lenders.