The fund has closed its first ever deal with a £21.2m refinancing of a facility for an east Asia-based developer and investor for a London asset.

REL was founded by Tashin Morjaria (pictured above), who was formerly an executive director at Ugandan institution I&M Bank, and Sumeer Bose, a former director for Topland Group’s structured finance team.

The firm is targeting ticket sizes of £3m to £40m across senior loans — up to 70% LTV — for mezzanine and joint-venture equity on agreements of up to two years.

The fund is UK focused with current opportunities being explored in multiple cities and sector agnostic.

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Tashin said: “The UK’s CRE debt market has tightened considerably, with the clearing banks becoming much more cautious in their approach to what they anticipate being a prolonged period of market volatility.

“But opportunistic buyers and developers are spotting great assets with strong repositioning plays coming at a time when values are likely starting to plateau — we see our role as being able to move quickly to allow them to capitalise, with our funding secured and ready to deploy.”

Sumeer also added: “Having a relationship-led approach has long been a cliché in real estate finance but it’s at moments like this that they really matter, and they are at the centre of our approach and ability to execute quickly.”