{"id":10895,"date":"2026-05-08T07:02:27","date_gmt":"2026-05-08T07:02:27","guid":{"rendered":"https:\/\/second-home.uk\/?p=10895"},"modified":"2026-05-08T07:02:27","modified_gmt":"2026-05-08T07:02:27","slug":"first-time-developer-secures-1-05m-conversion-facility","status":"publish","type":"post","link":"https:\/\/second-home.uk\/?p=10895","title":{"rendered":"First-time developer secures \u00a31.05m conversion facility"},"content":{"rendered":"

Avamore Capital has provided a \u00a31.05 million refurbishment and conversion finance facility to a first-time property developer, structured over a 15-month term at 70% loan-to-value with an equity release component at drawdown.<\/p>\n

The borrower, an entrepreneur transitioning into property development, will use the funding to refurbish and convert a site. The equity release element provided immediate capital access at the outset of the project.<\/p>\n

Legal and structural considerations<\/h2>\n

The transaction involved a part transfer of the site away from the borrower\u2019s main residence, requiring specific legal structuring. The borrower\u2019s lack of prior development experience added further complexity to the underwriting process.<\/p>\n

\u201cThis was a really interesting deal that highlights our ability to support clients entering the development space from other industries,\u201d said George Ormerod, relationship manager at Avamore Capital. \u201cDespite the complexities around the legal structure and the borrower being new to development, we were able to structure a solution that provided strong leverage from day one, including an equity release to support cash flow.\u201d<\/p>\n<\/p>\n

Saif Ali Khichi, underwriter at Avamore Capital, said the deal required detailed review of both the asset and the borrower\u2019s background. \u201cWhile the client was a first-time developer, their commercial experience as an entrepreneur gave us confidence in their ability to deliver,\u201d he said. \u201cNavigating the part transfer and ensuring the structure worked for all parties was key.\u201d<\/p>\n

Market context<\/h2>\n

The facility comes as the property development sector continues to face challenges, with a quarter of UK property sellers withdrawing from the market<\/a> amid broader market uncertainty. Recent calls for home sales reform<\/a> have also highlighted ongoing structural issues in the UK property sector.<\/p>\n

The 70% LTV ratio and 15-month term reflect typical parameters for development finance facilities, though the inclusion of equity release at drawdown is less common for first-time developers without established track records in property development.<\/p>\n","protected":false},"excerpt":{"rendered":"

Avamore Capital has provided a \u00a31.05 million refurbishment and conversion finance facility to a first-time property developer, structured over a 15-month term at 70% loan-to-value with an equity release component at drawdown. The borrower, an entrepreneur transitioning into property development, will use the funding to refurbish and convert a site. The equity release element provided […]<\/p>\n","protected":false},"author":1,"featured_media":3092,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-10895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\nFirst-time developer secures \u00a31.05m conversion facility - Second Home<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertywire.com\/news\/uk\/first-time-developer-secures-1-05m-conversion-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First-time developer secures \u00a31.05m conversion facility - Second Home\" \/>\n<meta property=\"og:description\" content=\"Avamore Capital has provided a \u00a31.05 million refurbishment and conversion finance facility to a first-time property developer, structured over a 15-month term at 70% loan-to-value with an equity release component at drawdown. The borrower, an entrepreneur transitioning into property development, will use the funding to refurbish and convert a site. 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