REIM Capital closes £3.75m Bridging Loan
REIM Capital has completed a £3.75m bridging loan for an overseas client whose commercial loan was unexpectedly called in by their bank and was in the early stages of repossession.
The 55% LTV loan — agreed on a 12-month term — was secured against three central London properties, comprising a mix of residential and commercial asset types owned through multiple SPVs domiciled in Cyprus.
Despite the legal complexities of the transaction, due to the borrower being an overseas national with asset classes in Cypriot SPVs, Reim Capital and Lawrence Stephens were able to navigate the challenges and complete the loan.
The funds will enable the client to refinance their initial commercial loan.
The borrower intends to exit the bridging facility via long-term finance.
Michael Blessing, BDM at Reim Capital, said: “We embrace transactions of a challenging nature, and we are delighted to get this deal over the line enabling the client to regain full control of their assets.”
“We thank the team at Lawrence Stephens for their hard work on this transaction; it gives us great comfort to work with a reputable legal firm.”
Gregory Palos, head of real estate finance at Lawrence Stephens, added: “It was a pleasure assisting Reim Capital in this complex and fast-moving transaction that not only required innovative and commercial advice from our team, but flexibility and clear, quick instructions from Reim Capital in circumstances where many lenders would simply have withdrawn.”
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