Reim Capital completes its largest development finance loan since launch
Updated: Oct 4, 2020
Reim Capital has completed a complex £7m development finance deal for a commercial property conversion.
The funding will be used to convert the Westminster property into a mixed-use commercial and residential scheme.
It will include a ground-floor restaurant and five two-bedroom, high-end residential units across the second and third floors, including a large penthouse overlooking the River Thames.
Construction is set to start in October 2020, with an estimated sale value of £9.9m on completion in 2021.
The 15-month development loan — which was introduced by November Finance — was completed in six weeks from the initial loan application to drawdown of funds.
Kunal Vaitha, principal and co-founder of Reim Capital, commented:
“We are delighted to be financing this exciting development project in Westminster.
“Our loan book is growing ahead of our expectations and we are looking forward to working with more developers across the UK over the coming months.”
Amar Khiroya, principal and co-founder of Reim Capital, added:
“In spite of the challenges of lockdown, our team worked closely with the lawyers, surveyors and November Finance.”
He said that Reim Capital faced a couple of problems with the transaction, namely the existing occupational tenancy which needed to be surrendered and re-granted.
“These issues were dealt within strict timeframes and we were able to successfully complete this deal as quickly as possible.”
Piccadilly-based Reim Capital is planning to write £2-3m per month during 2020 and expects to surpass these figures later this year by growing its broker distribution.
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