Reim completes £6m Slough facility

Reim completes £6m Slough facility

Reim Capital has completed a £6m bridging loan for a new-build block of 24 flats located in Slough.

The six-month term, 65% LTV loan was facilitated in collaboration with broker Mantra Mortgages.

The borrower, an experienced property developer, sought swift financing to capitalise on an investment opportunity in the Slough property market and required the funds to pay back the current lender due to the loan expiring.

The exit plan for the loan involves refinancing with a challenger bank.

Amar Khiroya, principal at Reim Capital (pictured above, left), said: "We are delighted to have assisted the client in completing this loan.

"We were under a strict timeline to get this loan over the line and were supported well by all of our stakeholders.

“We look forward to further expanding our relationship with the borrower and broker Mantra Capital."

 Rickesh Patel, director of real estate finance at Mantra Commercial, added: “This was our first completion with Reim and we’re delighted to get this done.

“The loan was complex for several reasons, but Reim was able to be commercial and pragmatic, allowing us to get this done for our client.

“We look forward to using this loan as a foundation for doing more business together.”

Also pictured above: Kunal Vaitha, principal at Reim Capital (right)

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