Avamore Capital adds DPT Monitoring Surveyors to project monitoring panel
Principal development and bridging lender, Avamore Capital has added DPT Monitoring Surveyors to its project monitoring panel.
The lender first instructed the financial risk minimising business in January to deliver Due Diligence & Monitoring Reports on a part-complete refurbishment of a detached house, since when it has taken on a further seven projects representing over £2.9m in total managed funds.
These have included the purchase and conversion of three terraced offices into HMO properties and the refurbishment of a residential property into a seven-bed HMO.
There are also newbuild instructions including the development of a four unit apartment block, construction of a five-bedroom detached and one plot comprising two semi-detached houses.
The projects have been spread around the Midlands, North East, North West and Yorkshire.
Due Diligence is an in-depth risk assessment including a detailed programme review encompassing extensive cost and cashflow analysis which assist a lending decision, after which Monitoring provides a comprehensive update to all elements prior to releasing funds.
Ed Blundell, head of underwriting at Avamore Capital, added: “There’s been a strong start to the relationship with clear communication, detailed reporting, and hard work from both sides to ensure there has been alignment with our monitoring and reporting requirements.”
Tim Coulston, managing director of DPT Monitoring Surveyors, added: “As our reputation for accurate, quick reporting grows we are finding ourselves being added to the panels of ever larger lending institutions, and to enter into partnership with Avamore marks another step on the ladder.
“Risk mitigation is a huge area for every lender, no matter their size, and Avamore trust us to deliver a service on which sound lending decisions can be made, both at the start of the project and throughout a build.”