CapitalRise funds £22 million super prime development
CapitalRise, the dedicated prime property specialist lender, has announced today that it has advanced a £7 million senior loan for the refurbishment of a property in one of the most exclusive addresses in London, Notting Hill.
The loan, will fund the development of a four-story semi-detached house into a superior, luxury high end home in this highly sought-after location.
The property boasts a private garden and has direct views over Ladbroke Gardens, considered to be one of London’s largest and most attractive garden squares.
These gardens form the largest of the 16 gardens around the Ladbroke Estate and boast exclusive amenities including tennis courts, venues and restaurants. The three-hectare garden is only open to local residents.
CapitalRise’s 2020 has seen a record-breaking year of significant growth. They have continued to serve the development finance market with agility and market-leading expertise during a year of uncertainty for many other lenders.
To date, CapitalRise has lent against assets worth over £456 million with Zero capital losses and remains the only dedicated prime property finance provider for developments in Prime London and the South East.
CapitalRise worked very closely with Dan Cefai at Axian Capital Management to fund this private development alongside the contractor Seacon who have a wealth of experience in luxury, high-end residential property development.
This property is expected to be completed to an exceptionally high standard.
CapitalRise CEO and Co-Founder, Uma Rajah, said,:
“It has been a fantastic year for CapitalRise, and we are incredibly proud of our achievements this year.
We have continued our commitment to lend in challenging circumstances without sacrificing extensive due diligence.
This Notting Hill scheme is an outstanding example of our commitment to serving the Prime Property development sector, which is renowned for its resilience.”
Katy Katani, pictured, Associate Director of CapitalRise, commented:
“This ultra-exclusive, historic location has been in high-demand for decades and is exactly the type of property that the CapitalRise expertise is suited to.
We worked closely with Axian Capital Management to construct a bespoke package and will continue to follow the progress of this impressive development. This deal confirms our strong appetite for funding super prime developments in Central London.”
Dan Cefai of Axian Capital Management, added,:
“This was a time-sensitive transaction and required a lender that could step-in to a development project mid-way through the refurbishment works, after the previous funder had funding lines cut due to the coronavirus pandemic and could no longer fund the project.
CapitalRise, with their in-house expertise of the prime central London market and extensive residential development knowledge made light-work of the construction element and closed the deal within 7 weeks from the point we decided to proceed with them to the first drawdown
Katy Katani and the team were professional to deal with every step of the way and acted with diligence and efficiency.
This is the second transaction Axian Capital Management have placed with CapitalRise and we look forward to working with the team on this and many new deals going forward”