Avamore Capital has added DPT Monitoring Surveyors to its project monitoring panel after an initial instruction led to further work across development and refurbishment schemes.
The development and bridging lender first instructed DPT in January to provide due diligence and monitoring reports on a part-complete refurbishment of a detached house.
Since then, DPT has taken on a further seven projects for Avamore, representing more than £2.9m in total managed funds.
The instructions include the purchase and conversion of three terraced offices into HMO properties and the refurbishment of a residential property into a seven-bed HMO.
Newbuild projects include the development of a four-unit apartment block, construction of a five-bedroom detached house and one plot comprising two semi-detached houses.
The projects are spread across the Midlands, North East, North West and Yorkshire.
DPT’s due diligence work involves an in-depth risk assessment, including a detailed programme review and cost and cashflow analysis to support lending decisions.
Its monitoring reports then provide updates before funds are released during the course of a project.
Ed Blundell, head of underwriting at Avamore Capital, says: “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, adds: “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.”
