The property is in Croydon, south London, and consists of offices, retail units and a 149 bed Travelodge. There is plenty of attraction to the property due to its high development potential.
The loan has a term of 12 months, with the exit plan being to refinance onto a term commercial loan.
The client, a UK limited company, required the speed of a bridging loan to raise funds quickly against their Warehouse for working capital purposes. The borrowers were able to demonstrate a solid exit plan by evidencing refinancing terms, agreed in principle with a major bank.
The term of 6 months gives the client ample time to exit the REIM Commercial bridging loan.
If you have a similar case, please email full details to sales@reimcapital.com
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