Reim Capital has just completed a complex £2.6m bridging loan on a public house conversion to a hotel, with over 150 beds in West London.
The client, a UK-based hotelier, along with several shareholders, required the new bridging loan to refinance a former bridging loan at the end of its term, after securing planning permission. The twelve-month loan was complex and required increased legal processing and underwriting. Despite the challenges of Covid-19, Reim Capital completed the loan in just three weeks from the initial loan application to draw-down of funds.
The mid-range hotel is due to start construction sometime next year, with an estimated current sale value of £6.5m. The hotel is ideally situated for easy access to Heathrow airport and London Paddington Station.
Kunal Vaitha, Principal and Co-Founder of Reim Capital commented:
“We are delighted to be involved in this exciting hotel development in Southall. Despite the restrictions of the lockdown, our team worked closely with the lawyers, broker, surveyors and client to overcome hurdles and complete this deal as quickly as possible.”
Imran Paswal, Senior Associate, Howard Kennedy LLP:
“This is our third bridging transaction acting for Reim Capital. We have found Reim to be professional, transparent and diligent. They are very commercial and aware of risk, so we were able to work closely together, to overcome some of issues we faced with this loan.
The two main problems we faced on this transaction were the planning position and the existing occupational tenancy which needed to be surrendered and re-granted. We are very much looking forward to working with Reim Capital on further projects through 2020 and beyond.”