CapitalRise lends against £17 million Belgravia townhouse
CapitalRise, the specialist lender for prime residential developers, announces that it has extended the first phase of a bespoke financing package for the redevelopment of a six-storey property in the heart of Belgravia.
The 5,200 sq ft luxury, six-bedroom stucco-fronted family home is located on South Eaton Place and has been independently valued by Savills at £17 million upon completion of its outlined refurbishment project. The extensive, high-specification plans include changing the internal layout of the property to maximise its potential, and will be executed by Leconfield Property Group, who specialise in prime central London developments and have completed over 50 projects in the local area.
This latest loan comes shortly after the bespoke £1.9 million funding solution that CapitalRise recently provided to Porthminster Group for the redevelopment of a luxury £2.8 million apartment in nearby Chelsea, which was executed in May by implementing a second charge security over another property owned by the borrower.
In the last three years, CapitalRise has lent against over £315 million of prime property assets in locations such as Mayfair, Knightsbridge, Holland Park, Belgravia and the Home Counties. Demand for finance remains robust with c. £1.6 billion of loan applications received in the past six months.
Uma Rajah, pictured, Co-founder and CEO at CapitalRise, comments:
“CapitalRise has become a well-established lender for unique developments in prime locations across the most exclusive postcodes in London and the Home Counties. Our skilled lending team works with borrowers on an individual basis to quickly create tailored funding solutions that require the agility and prime expertise that only a specialist lender such as us could provide.
“This property benefits from an internationally renowned address and we’re excited to witness its transformation, following its ambitious redevelopment. The borrower has selected Leconfield, a seasoned developer of prime property with a proven track record in the local area, to undertake this luxury project and we’re confident that this will be another success.”
Lyndon Miles, Director of Lending at CapitalRise, comments:
“This loan is another example of the flexible and agile approach we take to property finance, with our lending team able to create packages tailored to a client’s specific needs. Very few lenders are doing regulated development loans but by working with another specialist, West One Loans, we were able to structure a bespoke deal that delivered a successful outcome for all parties.”