Reim Capital completes bridging loan for care home acquisition
Reim Capital has completed a £370,000 bridging loan to fund the acquisition of a former family-run, care home in Newent, Gloucestershire.
The borrower, an experienced London developer, had purchased the care home and applied for planning permission to convert the site to a residential scheme, featuring four properties.
The loan was offered at 60% LTV on a term of six months.
Amar Khiroya, principal and co-founder of Reim Capital, said: “We are delighted to be working with the developer on this residential conversion.
“This is our first bridging loan for a care home and we are thrilled to be involved in this acquisition.
“As this residential scheme will meet the requirements of permitted development, the developer is confident that planning permission will be given.”
Reim Capital provides various bridging and commercial products, including residential and commercial bridging, auction finance, semi-commercial bridging, land with planning bridging and development exit finance.