The deal has meant that the London-based lender has reached 50% of its annual target in the first quarter of this year.
The borrower, Investar, will use the finance to deliver 115 new homes in Manchester to help close the gap in the current UK housing shortage.
The scheme, which has a GDV of £19m, has a term of 18 months, with sale being the exit plan.
The case was introduced by broker Sophell, which worked closely with Investar and Reim Capital.
Kunal Vaitha, principal and co-founder at Reim Capital, 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.
“One of our annual KPIs at the start of the year was to diversify our book into new regions, and this has done exactly that.”
Michael Dong, CEO at Investar, added: ‘We are very excited to have completed our first development loan with Reim Capital.
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"Working with the Reim Capital team has been a real pleasure, and we look forward to working with them on many more.”
Russell Jowett, partner at Sophell, commented that he enjoyed working with all parties and achieving a “great result for all involved”.
In its first year of trading, Reim Capital — which is funded through a joint venture with a real estate debt fund — completed £25m worth of loans and is planning to double its loan book in 2021 by bolstering its broker distribution and expanding its team.
In September, the lender provided its second largest development loan, a complex £7m deal for a commercial property conversion in Westminster.
The finance provider offers a range of products, including residential, semi-commercial and commercial bridging, auction and development finance.