REIM Capital has completed a £5.12mn Development Exit Loan in London. The borrower, an experienced London developer specialising in large multi-unit developments across London, will use the bridge loan to allow time to fully occupy the property. Development Exit Loan allows property developers to refinance completed projects to extend the sales period allowing property developers to increase their return on investment, which was one of the key factors on this project.
Whilst still a niche within the UK, there has been more demand for co-living in recent years, with a rising demand from young professionals. A 2020 report by the Social Market Foundation, argued that the UK government should look to turn empty shopping parades into residential hubs. The report suggests that replacing commercial space with residential property could create 800,000 additional homes.
Amar Khiroya, Principal and Co-Founder of REIM Capital said, “We are delighted to be working with this developer and it’s a great way to kick off the new year with a Development Exit Loan.’’
REIM Capital, based in London is planning to double their loan book in 2021 YOY and expects to surpass these figures later this year by growing its broker distribution and expanding the team.
Funded through a real estate debt fund, REIM Capital provides various Bridging and Development Finance products, including residential and commercial Bridging, Auction Finance, Development Exit Loans and refurb/ground-up Development Finance.
