Reim Capital

Reim surpasses £50m lending mark

Reim Capital has lent £25m in the first five months of 2021, surpassing £50m of total lending since launching.

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.

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.”

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