The borrower, an experienced London developer, has purchased the care home and applied for planning permission to convert the site into a residential scheme, featuring four properties.
This is the first bridging loan for a care home completed by the specialist lender.
The loan was offered at 60% LTV on a term of six months.
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Amar Khiroya, principal and co-founder of Reim Capital, commented: “We are delighted to be working with the developer on this residential conversion.
“As this residential scheme will meet the requirements of permitted development, the developer is confident that planning permission will be given.
“The site comes with full services and good access.”
Reim Capital is planning to write £2m-3m per month during 2020 and expects to surpass these figures later this year by growing its broker distribution.
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