The loan that tipped Reim Capital over the £50m mark — which was agreed at 65% LTV over nine months — was for the purchase of a commercial property in Manchester with planning for residential.
The property — located between Old Trafford Cricket Ground and Old Trafford Football Ground — is a vacant office building which has planning in place for the site to be demolished and rebuilt into two buildings comprising 149 residential units.
- Reim Capital recruits new head of sales
- Reim Capital targets larger loans this year after completing £5.1m development exit
- BTL lenders that make ample ESG headway will have a 'huge competitive advantage' in next two years
The deal was introduced by broker Sophell, who worked closely with the borrower, Investar, and Reim.
Kunal Vaitha, principle and co-founder at Reim Capital, said: "We are very happy to be completing our second deal with the same borrower and we are confident this will be the start of a long-term relationship with the developer."
Russell Jowett, partner at Sophell, commented: “We are pleased to have concluded another transaction with Reim and our client.
“At Sophell, we are very keen to establish and develop long-term relationships with both our clients and funders to enable a smooth path for developers with strong pipelines.”
Leave a comment