The nine-month loan was agreed at 75% LTV.
It will allow the client to refinance an existing development facility and grant more time for the borrower to sell the remaining units in the 25-unit development.
The transaction – completed alongside broker RCP Finance – marks one of REIM Capital’s largest bridging facilities since it was established.
Kunal Vaitha, principal at REIM Capital (pictured above, right), said: “We’re very happy to have completed one of our largest bridge loans since inception.
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“The borrower and its advisors were helpful throughout the transaction which allowed for a seamless process to completion.
“Working with RCP Finance for the second time, our relationship has grown throughout this transaction, and we hope it continues in the future as we were thrilled to work with the RCP team once again.”
Ruben Chicheportiche, principal at RCP Finance, added: “We are delighted to have worked with REIM Capital for the second time.
“Kunal and his team were flexible and ensured a swift process throughout the deal from the initial enquiry to the closing.”
Also pictured top (left), Amar Khiroya – principal at REIM Capital.
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