Reim Capital targets larger loans this year after completing £5.1m development exit
Article by Andreea Dulghereu, Bridging & Commercial
Reim Capital has announced that it is increasing its appetite for larger loans this year.
The lender is looking at providing loans of over £1m, with a max loan size of £10m for bridging finance and £15m on development funding.
This decision follows the completion of a £5.1m development exit loan.
The facility, agreed at 60% LTV, will be used to allow time to get the property fully occupied, as the experienced London developer will be holding the scheme to rent the units and later refinance via a traditional lender. Some 80% of the property is currently occupied by young professionals.
The loan size outlines Reim's plans to transition into a high-ticket size lender through the course of 2021.
Amar Khiroya, principal and co-founder of Reim Capital (pictured above), said: “We are delighted to be working with this developer; it’s a great way to kick off the new year with a development exit loan.’’
Reim Capital is planning to double its loan book in 2021. The lender expects to surpass these figures later this year by growing its broker distribution and expanding the team.
Kunal Vaitha, principal at Reim Capital, added: “With a very active start to the year, we are keen to expand our lending capabilities across further regions in the UK, as well as increasing our loan sizes to further assist us with achieving our targets for 2021.
In December 2020, Reim Capital announced it had completed £25m worth of loans in its first 12 months of trading.
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