REIM capital has completed on a £13m development loan, their largest since inception, reaching 50% of their annual target in the first quarter of the year.
The borrower, Investars Paragon House Development will deliver 140 new homes to Manchester which will further close the gap in the current UK housing shortage. Kunal Vaitha, Principle and co-founder said, "We are very pleased to be working with a new developer and to be completing our first loan in the North West of England. The company goal at the start of the year was to diversify our book into new region."
Reim Capital, based in London, completed £25m worth of loans in their first year of trading and expects to surpass these figures later this year by growing its broker distribution and expanding the team. Funded through a joint venture with a real estate debt fund, Reim Capital provides various bridging finance products, including residential and commercial bridging, auction finance, semi-commercial bridging and development exit.
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